Question

Given the following: Number purchased Cost per unit Total January 1 inventory 40 $ 4 $...

Given the following:

Number
purchased		 Cost
per unit		 Total
January 1 inventory 40 $ 4 $ 160
April 1 60 7 420
June 1 50 8 400
November 1 55 9 495
205 $ 1,475


a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 61 units).


Cost of ending inventory            $


b. Calculate the cost of goods sold using the FIFO (ending inventory shows 61 units).


Cost of goods sold            $

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Cost of Ending Inventory = $543
Cost of Goods Sold = $932

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Given the following: Number purchased Cost per unit Total January 1 inventory 40 $ 4 $...
Given the following: Number purchased Cost per unit Total January 1 inventory 40 $ 4 $ 160 April 1 60 7 420 June 1 50 8 400 November 1 55 9 495 205 $ 1,475 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 61 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 61 units).
Given the following: Number purchased Cost per unit Total January 1 inventory 40 $ 4 $...
Given the following: Number purchased Cost per unit Total January 1 inventory 40 $ 4 $ 160 April 1 60 7 420 June 1 50 8 400 November 1 55 9 495 205 $ 1,475 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 61 units). Cost of ending inventory            $ b. Calculate the cost of goods sold using the LIFO (ending inventory shows 61 units). Cost of goods sold            $
Given the following: Number purchased Cost per unit Total January 1 inventory 34 $ 4 $...
Given the following: Number purchased Cost per unit Total January 1 inventory 34 $ 4 $ 136 April 1 54 7 378 June 1 44 8 352 November 1 49 9 441 181 $ 1,307 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 55 units). b. Calculate the cost of goods sold using the LIFO (ending inventory shows 55 units).
Given the following: Number purchased Cost per unit Total January 1 inventory 31 $ 4 $...
Given the following: Number purchased Cost per unit Total January 1 inventory 31 $ 4 $ 124 April 1 51 7 357 June 1 41 8 328 November 1 46 9 414 169 $ 1,223 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 52 units). b. Calculate the cost of goods sold using the LIFO (ending inventory shows 52 units).
Given the following: Number purchased Cost per unit Total January 1 inventory 36 $ 5 $...
Given the following: Number purchased Cost per unit Total January 1 inventory 36 $ 5 $ 180 April 1 56 8 448 June 1 46 9 414 November 1 51 10 510 189 $ 1,552 a. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 57 units). (Round the "average unit cost" and final answer to the nearest cent.) b. Calculate the cost of goods sold using the weighted-average method. (Round your intermediate calculations and final...
Crane Company reports the following for the month of June. Units Unit Cost Total Cost June...
Crane Company reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 200 $4 $ 800 12 Purchase 400 5 2,000 23 Purchase 400 6 2,400 30 Inventory 100 Calulate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost $ eTextbook and Media Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round answers to 0 decimal places, e.g....
Cog of Goods Available for Sale June 1 Beginning Inventory of 30 units at $50 per...
Cog of Goods Available for Sale June 1 Beginning Inventory of 30 units at $50 per unit June 5 Purchased 20 units at $55 per unit June 16 Purchased 25 units at $58 per unit June 28 Purchased 15 units at $60 per unit Retail Sale of Goods: June 14 Sold 35 units at $75 per unit June 27 Sold 40 units at $75 per unit Assuming a periodic inventory system, calculate Red Rock's cost of goods sold for June...
The Rock Shop shows the following data related to an item of inventory: Inventory, January 1...
The Rock Shop shows the following data related to an item of inventory: Inventory, January 1 300 units @ $5.00 Purchase, January 9 900 units @ $5.40 Purchase, January 19 210 units @ $6.00 Inventory, January 31 300 units Required: Please show all calculations (a) What value should be assigned to the ending inventory using FIFO? (b) What value should be assigned to cost of goods sold using LIFO? (c) What value should be assigned to the ending inventory using...
The records of ABC Company showed the following: Units Unit cost Total cost January 1 Beginning...
The records of ABC Company showed the following: Units Unit cost Total cost January 1 Beginning 10,000 60 600,000 April 1 Purchase 18,000 50   900,000 October 1 Purchase 22,000 40    880,000 The physical inventory reveals 15,000 units on hand on December 31. Compute the cost of ending inventory and cost of sales using: 1. First in, first out (FIFO) ] 2. Weighted average 3. Last in, first out (LIFO)
The following inventory information for ABC Company is given for the month of November: November 1...
The following inventory information for ABC Company is given for the month of November: November 1 Beginning inventory 740 units @ $2.00 cost per unit November 7 Purchased 400 units @ $7.14 cost per unit November 15 Sold 500 units November 19 Purchased 200 units @ $5.58 cost per unit November 28 Sold 600 units November 30 Purchased 700 units @ $8.00 cost per unit Calculate the dollar amount of ending inventory shown on ABC Company's November 30 balance sheet...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT