Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. can someone please explain how to calculate the en

Can someone please explain how to calculate the ending inventory and cost of goods sold...

80.2K

Verified Solution

Question

Accounting

image

Can someone please explain how to calculate the ending inventory and cost of goods sold for each of these four and where the numbers come from!

1. Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the accounting period, January 31. The inventory's selling price is $9 per unit. Transactions Unit Cost Units Total Cost Inventory, January 1$ 2.50 250 $ 625 Sale, January 10 (200) Purchase, January 12 3.00 300 900 Sale, January 17 (150) Purchase, January 26 4.00 80 320 Assume that for Specific identification method the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase. Compute the amount of goods available for sale, ending inventory and cost of goods sold at January 31 under each of the following inventory costing methods: Cost of Goods Available Ending inventory for Sale Cost of Goods Sold Weighted average First In, First Out List In, First Out Specific Identification

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!
Become a Member

Other questions asked by students

Q

three experiments investigating the relation between need for cognitive closure and persuasion were performed. Part of...

Statistics
Q

Suppose there are two one-year assets. You cannot buy a fractional portion of either asset. Asset...

Finance
Q

Q1 4 points This week s question was actually submitte interesting idea I thought I...

Biology
Q

In C3 photosynthesis, the first step of the Calvin cycle occurs when CO? combines with...

Biology
Q

A variable is normally distributed with mean 21 and standard deviation 3 Round your answers...

Statistics
Q

A local city council s study found that the correlation between number of liquor stores...

Statistics
Q

Graph the piecewise defined function f x 3 2x 2x 2x O A if x...

Algebra
Q

QUESTION 9 Choose the best definition for pathos. a. Honesty and sincerity O b. Ethical...

Accounting
Q

Required information [The following information applies to the questions displayed below] Manuel Company predicts it...

Accounting
Q

A CPA's audit documentation (working papers) contains a narrative description of a segment of the...

Accounting
Q

\begin{tabular}{|l|l|} \hline Accounts & Amount \\ \hline Accounts payable & 40,000 \\ \hline Accounts receivable...

Accounting
Q

Maile is a full-time exempt employee in Boca Raton, Florida, who earns $1,370.15 per biweekly...

Accounting