Bullwinkle company has the following inventory, purchases, and sales data for the month of March....
60.1K
Verified Solution
Link Copied!
Question
Accounting
Bullwinkle company has the following inventory, purchases, and sales data for the month of March. Beginning Inventory: Aug 1 20 units @ $2 $40 Purchases: Aug 10 60 units @ $2.5 150 Aug 20 70 units @ $3 210 Sales: Aug 12 30 units Aug 27 60 units Instructions:
Determine the COGS and ending inventory cost at July 31 using the assumptions
(a) FIFO (4 marks) and (b) average-cost (4 marks)
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!
