Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. how do i get ending history, cost of goods sold, g

how do i get ending history, cost of goods sold, gross profit for FIFO, LIFO,...

70.2K

Verified Solution

Question

Accounting

how do i get ending history, cost of goods sold, gross profit for FIFO, LIFO, Weighted average cost
i am lost in how to get these answer image
image
image
FIFO First-in. Firet-at \begin{tabular}{c|l|r|lr|rrr} & COGS - LIFO & 10 & $ & 50 & $ & 500 \\ \hline 3-Mar & Purchase & 200 & $ & 55 & $ & 11,000 \\ \hline 10-Mar & Purchase & 40 & $ & 60 & $ & 2,400 \\ \hline 30-Mar & Purchase & 250 & & & $ & 13,900 \end{tabular} ENDING INVENTORY - LIFO \begin{tabular}{l|l|r|rr|rr} 1-Mar & Beginning inventory & 100 & $ & 40 & $ & 4,000 \\ \hline 3-Mar & Purchase & 50 & $ & 50 & $ & 2,500 \\ \hline & & 150 & & $ & 6,500 \end{tabular} GROSS PROFIT - LIFO \begin{tabular}{l|l|rr} Total Sales & $ & 21,800 \\ \hline Less: COGS & $ & (13,900) \\ \hline Gross Profit & $ & 7,900 \end{tabular} WEIGHTED AVERAGE COST Total dollar amount of goods available for sale 400$20.400$51.00 Average cost per unit

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

Which of the following is not part of, or generally found in, an ovarian follicle? Select one: a....

Biology
Q

3 Let f x y xy 1 xy a Find linearization L x y zo...

Calculus
Q

Find the solution set of the system of linear equations represented by the augmented matrix...

Algebra
Q

Using the above information prepare a December income statement for the...

Accounting
Q

Assume the Hiking Shoes division of the All About Shoes Corporation had the following results...

Accounting
Q

5. To manage is to forecast and plan, to organize, to compound, to co-ordinate and...

Accounting
Q

Unit 1 Question 1 (Total: 18 marks) The following information was taken from the accounting...

Accounting
Q

Illustrate one of the Statistical methods for the measurement of accounting harmonization in detail

Accounting
Q

Gunes Corporation uses the weighted-average method in its process costing system. This month, the beginning...

Accounting
Q

in soing comparative analysis

Accounting
Q

Payback period The Ball Shoe Company is considering an investment project that requires an initial...

Finance
Q

Schaueffle Machines, Inc., has a project with the following cash flows. The company evaluates all...

Finance