Trini Company had the following transactions for the month. Number of Units Cost per Unit Total Beginning inventory 1,070 $22 $23,540 Purchased May 31 1,040 23 23,920 Purchased Jul. 15 1,340 26 34,840 Purchased Nov. 1 1,250 27 33,750 Totals (Goods available) 4,700 116,050 Ending inventory 950 ? Calculate the cost of goods sold dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Cost of Goods Sold A. First-in, First-out (FIFO) $fill in the blank 1 B. Last-in, First-out (LIFO) $fill in the blank 2 C. Weighted Average (AVG)
Trini Company had the following transactions for the month. Number of Units Cost per Unit Total Beginning inventory 1,070 $22 $23,540 Purchased May 31 1,040 23 23,920 Purchased Jul. 15 1,340 26 34,840 Purchased Nov. 1 1,250 27 33,750 Totals (Goods available) 4,700 116,050 Ending inventory 950 ? Calculate the cost of goods sold dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Cost of Goods Sold A. First-in, First-out (FIFO) $fill in the blank 1 B. Last-in, First-out (LIFO) $fill in the blank 2 C. Weighted Average (AVG)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Trini Company had the following transactions for the month.
| Number of Units |
Cost per Unit |
Total |
|
| Beginning inventory | 1,070 | $22 | $23,540 |
| Purchased May 31 | 1,040 | 23 | 23,920 |
| Purchased Jul. 15 | 1,340 | 26 | 34,840 |
| Purchased Nov. 1 | 1,250 | 27 | 33,750 |
| Totals (Goods available) | 4,700 | 116,050 | |
| Ending inventory | 950 | ? |
Calculate the cost of goods sold dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.
| Cost of Goods Sold | |
| A. First-in, First-out (FIFO) | $fill in the blank 1 |
| B. Last-in, First-out (LIFO) | $fill in the blank 2 |
| C. Weighted Average (AVG) |
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