A company reported the following December purchase and sales data for its only product. Units...
60.1K
Verified Solution
Link Copied!
Question
Accounting
A company reported the following December purchase and sales data for its only product. Units Acquired at Cost 5 units@ $3.00 = $ 15.00 10 units@ $4.50= 45.00 Date Dec. 1 Beginning Inventory Dec. 8 Purchase Dec. 9 Dec. 19 Dec. 24 Dec. 30 Totals Activities Sales... Purchase Sales.. Purchase Dec. 9 Dec. 24 13 units@ $5.00 = 65.00 8 units@ $5.30 = 36 units 42.40 $167.40 Units Sold at Retail 8 units @ $7.00 18 units@ $8.00 26 units The company uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) FIFO, (c) LIFO, and (d) weighted average. (Round per unit costs and inventory amounts to cents.) For specific identification, ending inventory consists of 10 units, where 8 are from the December 30 purchase and 2 are from the December 8 purchase. Specific inits sales follow. Sold 2 units costing $3.00 each and 6 units costing $4.50 each. Total cost = = $33.00. Sold 3 units costing $3.00 each, 2 units costing $4.50 each, and 13 units costing $5.00 each. Total cost = $83.00.
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!
