Smart Tech's beginning Inventory and purchases for the month of August were as follows: Cost per * of Units Unit Amount Beginning inventory 600 $7.00 $4,200 First purchase 400 $7.50 3,000 Second purchase 500 $8.00 4,000 Third purchase 300 $8.75 2,625 Number of units avallable for sale 1,800 $13,825 On hand 400 Number of units sold 1,400 Required: Calculate the total amount to be assigned to cost of goods sold and ending Inventory for August 31, using each of the followting methods. For the welghted-average method, round the average unit cost to two dedmal places. Round all final answers to the nearest dollar. Cost of Goods Sold Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C Weighted-average cost

Smart Tech's beginning Inventory and purchases for the month of August were as follows: Cost per * of Units Unit Amount Beginning inventory 600 $7.00 $4,200 First purchase 400 $7.50 3,000 Second purchase 500 $8.00 4,000 Third purchase 300 $8.75 2,625 Number of units avallable for sale 1,800 $13,825 On hand 400 Number of units sold 1,400 Required: Calculate the total amount to be assigned to cost of goods sold and ending Inventory for August 31, using each of the followting methods. For the welghted-average method, round the average unit cost to two dedmal places. Round all final answers to the nearest dollar. Cost of Goods Sold Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C Weighted-average cost

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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