Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a company began 2024 with 13,000 units of inventor

A company began 2024 with 13,000 units of inventory on hand. The cost of each...

80.2K

Verified Solution

Question

Accounting

A company began 2024 with 13,000 units of inventory on hand. The cost of each unit was $6.00. During 2024, an additional 30,000 units were purchased at a single unit cost, and 23,000 units remained on hand at the end of 2024(20,000 units therefore were sold during 2024). The company uses a periodic inventory system. Cost of goods sold for 2024, applying the average cost method, is $150,000. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used.
Required:
1. Determine the cost of goods sold for 2024 using the FIFO method. [Hint: Determine the cost per unit of 2024 purchases.]
Note: Do not round intermediate calculations.

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Question 1 A residual is: choose one The difference between a data point and the regression line. A value...

Basic Math
Q

what have governments done to mitigate the negative effects of caronavirus on the global economy?

Economics
Q

1 point Three less than two times a number is 55 What is the number...

Algebra
Q

Westwood specialties had in increase in taxable income of $5,000,000 this year. Their increase in...

Accounting
Q

"The City of Manchester, New Hampshire, has only one activity, its school system. The school...

Accounting
Q

A company reports the following partial job cost sheet on May 31. The predetermined overhead...

Accounting
Q

Good Guys Nightclub discovers that the following items are missing from inventory: one bottle of...

Accounting
Q

The contribution format income statement for Huerra Company for last year is given below: Sales...

Accounting
Q

Shep Company combines its operating expenses for budget purposes in a selling and administrative expense...

Accounting
Q

can anyone help can anyoke help ...

Accounting
Q

Consider the following three projects. All three have an initial investment of $700,000. IClick the...

Accounting
Q

Flandro Company uses a standard cost system and sets its predetermined overhead rate on the...

Accounting