nstructions: Calculate the cost of goods sold under FIFO, LIFO, and weighted average cost. May 5th 100 units for $7 May 10th 70 units for $8 June 3rd 44 units for $5 July 5th 90 units for $6 July 8th 70 units for $4 Total units: 374 units Total cost: $2,300 Number of units sold: 300

nstructions: Calculate the cost of goods sold under FIFO, LIFO, and weighted average cost. May 5th 100 units for $7 May 10th 70 units for $8 June 3rd 44 units for $5 July 5th 90 units for $6 July 8th 70 units for $4 Total units: 374 units Total cost: $2,300 Number of units sold: 300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Instructions: Calculate the cost of goods sold under FIFO, LIFO, and weighted average cost.

May 5th 100 units for $7

May 10th 70 units for $8

June 3rd 44 units for $5

July 5th 90 units for $6

July 8th 70 units for $4

Total units: 374 units

Total cost: $2,300

Number of units sold: 300

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