stion by entering ed 2 Required 3 s sold under the FIFO, LIFO, and average cost inventory costing methods. diate calculations to 2 decimal places. Round your answers to the nearest whole dollar amount. FIFO LIFO Average Cost 92 units @ $28) $ 10,976 $ 10,976 $ 10,976 @$36) sale 16,704 27,680 16,704 16,704 27,680 27,680 units) Required 1 Required 2 >

stion by entering ed 2 Required 3 s sold under the FIFO, LIFO, and average cost inventory costing methods. diate calculations to 2 decimal places. Round your answers to the nearest whole dollar amount. FIFO LIFO Average Cost 92 units @ $28) $ 10,976 $ 10,976 $ 10,976 @$36) sale 16,704 27,680 16,704 16,704 27,680 27,680 units) Required 1 Required 2 >

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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Given the following: Numberpurchased Costper unit Total January 1 inventory 30 $ 5 $ 150 April 1 50 8 400 June 1 40 9 360 November 1 45 10 450 165 $ 1,360 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 51 units). b. Calculate the cost of goods sold using the LIFO (ending inventory shows 51 units).
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Take me to the text a) Fill in the missing numbers in the inventory schedule using the weighted-average cost inventory valuation method. This company uses the perpetual inventory system. Do not enter dollar signs or commas in the input boxes.Round all answers to 2 decimal places. When calculating the unit cost, round to 2 decimal places as well. Inventory Schedule Purchases Sales Balance Transaction Description Quantity Amount Quantity Amount Quantity Amount Opening Balance 0 $ 0 #1 Purchase from AAA Co. 600 $6,600.00 Answer $Answer Answer $Answer #2 Sale to SSS Co. Answer $Answer Answer $Answer 300 $3,300.00 #3 Sale to TTT Co. Answer $Answer 150 $Answer Answer $Answer #4 Purchase from BBB Co. 70 $1,400.00 Answer $Answer Answer $Answer #5 Sale to UUU Co. Answer $Answer 30 $Answer Answer $Answer b) If the FIFO method had been used, what would the value of COGS been for the sale to UUU Co.? COGS = $Answer c) If the specific identification method had…
Given the following: -0. F1 January 1 inventory April 1 June 1 November 1 Q Cost of ending inventory a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 55 units). Cost of goods sold @ 2 b. Calculate the cost of goods sold using the FIFO (ending inventory shows 55 units). -6 F2 W Number purchased 34 #3 80 F3 54 44 49 181 E $ ਵ 4 Cost per unit $4 7 8 9 00 F4 R de LO % 5 Total $ 136 378 352 441 $1,307 F 84 F7 H * 00 8 U DII FB J ( 9 F9 C K
Concord Distribution markcets CDs of the performing artist Unique At the boginning of October,Concord had in beginning invantory 2,000 of Unique's CDzwith a unit cost of $7. During October, Concord made the following purchasas of Unique's CDs Oct 3 2,500 Oct. 19 3,000 2 $10 Oct 9 3,500 59 Oct 25 4,000 $11 During October, 10,800 units were sold. Concord uses a'periodic inventary systam. (a) Determine the cost of goods availabla for sale. Cost of goods available for sale eTextbook and Medla E ter Ler Attempts: 0 of 5 used Subrmit AnaAr (b1) Calculate cost per unit. Round answer to 2 decimal places, er 225) Cost per unit eTextbook and Medla Attempts: 0 of 5 used Submit Arawer Save tor Lar