COGS? Using FIFO, a company with beginning inventory of 200 units at $5 each and purchases of 300units at $6 each sells 250 units. What is the cost of goods sold?

Step 1: FIFO is First-in and First-out which means that the goods that are purchased first are sold…

Answered: Using FIFO, a company with beginning…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 3CE: Use the following information to compute cost of goods sold under the FIFO and LIFO inventory...

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The following information is available for Goode Company: May 1 Beginning inventory 18 units @ $4 per unit May 7 Purchase 12 units @ $5 per unit May 10 Sale 14 units May 17 Purchase 10 units @ $6 per unit May 19 Sale 4 units Required:Answer the following questions for Goode Company: a. If perpetual FIFO is used, what is the total ending inventory in dollars?$ b. If perpetual LIFO is used, what is the cost of goods sold for the month?$ c. If weighted average is used, what is the ending inventory? Do not round intermediate calculations. Round your final answer to two decimal places.$ d. If moving average is used, what is the cost per unit sold for the May 10 sale? Round your answer to two decimal places.$
Using the LIFO method, calculate the cost of ending inventory and cost of goods sold for Campini Corporation.
During the current year, mnerchandise is sold for $714000. The cost of the merchandise sold is $474000. What is the amount of the gross profit? Add your answer
Manufacturing company has the following information: cost of good purchased $100, Beginning Inventory $300, Ending Inventory $100, and cost of good sold $150. Find cost of good available for sale?
If the cost of goods available for sale equals $101,757, calculate the cost of goods sold using the table below. Number of units on hand Cost per unit Total cost $850 9 $7,650 $1760 11 $19,360 $965 8 $7,720 $470 5 $2,350 Ending inventory 33 $37,080 The cost of goods sold is $ 4
What us the weighted average cost per unit?
Given the following data, what is the cost of goods sold as determined under the FIFO method if XYZ Auto Parts sold 350 units at $59 per unit? Number of Units Unit Cost Information Beginning Inventory on 1/1 100 $25 Inventory Purchases on 1/5 300 $23 Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 f6 E3 f7 f8 f9 f10 f11 & 4 5 7 8 9 C 6 远 15 图

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If the cost of goods available for sale equals $116,029, calculate the cost of goods sold using the table below. Cost per unit Number of units on hand Total cost $860 8 $1760 10 $945 8 6 32 $480 Ending inventory The cost of goods sold is S $6,880 $17,600 $7,560 $2,880 $34,920 ***

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Using FIFO, a company with beginning inventory of 200 units at $5 each and purchases of 300 units at $6 each sells 250 units. What is the cost of goods sold?