Unit Units Cost Total Cost June 1 Inventory 260 $6 $1,560 12 Purchase 450 3,150 23 Purchase 330 8 2,640 30 Inventory 130 (a) Your answer is incorrect. Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. FIFO LIFO Cost of the ending inventory 24 2$ Cost of goods sold 24

Q: Weighted average cost per unit = per unit. Cost Cost of Goods Allocation Cost of Goods Sold Ending…

A: Sales = (50 units x $120) + (25 units x $125) = $6000 + $3125 = $9125 Cost of Goods Available = (100…

Q: Identify the costs of merchandise inventory.

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: Estimate ending inventory and cost of goods sold using the gross profit method.

A: Under gross profit method, calculation of cost of goods sold: Cost of goods sold = Sales* ( 1 -…

Q: How do I use FIFO and calculate the Cost of Goods and inventory ?

A: FIFO Method: FIFO method also referred to as First-In-First-Out method is an inventory management…

Q: In a periodic inventory system, the cost of merchandise purchased includes the cost of

A: Statement is TRUE  In a periodic inventory system, the cost of merchandise purchased includes the…

Q: Determine the goods and costs included in inventory.

A: The cost included in inventory includes all the costs incurred to prepare such inventory for sale.…

Q: When computing ending inventory, what is the difference between a LIFO computation and a FIFO…

A: In a LIFO computation, the most recent inventory purchases are assumed to be sold first, and the…

Q: Determine ending inventory using the dollar-value LIFO inventory method.

A: Dollar-value LIFO method: In this method, the valuation of inventory is calculated on the monetary…

Q: Costs to be capitalized in the inventory account include which of the following?   a. Cost of the…

A: Introduction:-. Inventory account shown on the balance sheet under current assets section.…

Q: oods purchased and held for resale are commonly known as _____. perpetual inventoryperiodic…

A: Periodic Inventory System: The periodic inventory system records and updates the inventory at the…

Q: determine the cost of merchandise sold.

A: The cost of merchandise sold is the cost of goods that have been sold by a wholesaler or retailer.…

Q: I need number 3.  Determine the cost assigned to ending inventory and to cost of goods sold using…

A: In this Numerical has Covered the Concept Inventory Valuation Through FIFO method.  1.FIFO:- As The…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.