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?
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- Answer step by stepWhat is the correct Cost of Goods Sold under the FIFO method given the following information? Beginning Inventory: 50 units @€10, Purchase 1: 15 units @€13, Purchase 2: 15 units @€15, Ending Inventory: 12 units. Assume that the sale occurs after all inventory purchases. Answer: XKindly help me with accounting questions
- What's the Solution?GIVE PROPER EXPLANATION OF COST OF GOODS AND GROSS MARGIN. YOU MADE A SALE FOR $588,000. THE CUSTOMER PAID IN CASH. YOUR GROSS MARGIN IS 61%. WHAT IS YOUR COST OF GOODS SOLD?A firm has beginning inventory of 150 units at a cost of $10 each. Production during the period was 650 units at $13 each. If sales were 600 units, what is the cost of goods sold (assume FIFO)? What is the value of the ending inventory using FIFO? Show your work I also want to learn how to get the answer to this, can you please help provide how you got the answers.
- What is the gross profit as determined under the LIFO method?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 answerManufacturing 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?