Help with this calculation Scoresby Inc. tracks the number of units...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Help with this calculation
Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost 4,000 $22 a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $67 per unit) e. Sale, October 31 (sold for $70 per unit) f. Operating expenses (excluding income tax expense), $606,000 10,000 6,000 4,300 9,000 23 25 Required: 1. Calculate the number and cost of goods available for sale. Number of Goods Available for Sale Cost of Goods Available for Sale 33.30 units 2. Calculate the number of units in ending inventory ding Inventory unts 3. Compute the cost of ending inventory and cost of goods sold under (e) FIFO. (b) LIFO, and (c) weighted average cost Cost of Ending Inventory Cost of Goods Sold FIFO LIFO Weighted Average Cost
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
