Question

signments MusicBiz specializes in sound equipment Company records indicate the following data for a line of speakers: EE Click the icon to view the data.) o Homework Read the requirements Take a Quiz/Test Requirement 1. Determine the amounts that MusicBiz should report for cost of goods sold and ending inventory two ways:a. FIFO and b. LIFO (MusicBiz uses a perpetual inventory system.) a. Using the FIFO method, the cost of goods sold is and the ending inventory is SL Enter any number in the edit fields and then click Check Answer Check Antwer Clear All 2 retaining 2 parts A 2000 Type here to search AKCE In RIYTU TOP IT

Answer 1

1ca) FI FO- Perpectual Inventory system: Date Purchases cost of goods sold units per unit oral cost units per unit totalust mar 1 mar 2 99 $ $132 Ending Inventory. units perunit total cost 17 $46 $782 $46 782 2 66 132 $46 506 2 2 66 2 132 184 132 ending inventory 8316 mar 7 6 $46. 276 mar 13 7 $46 pub, u gns 3. 322 598 66 cost of goods sold cost of goods sold units Perunit Total costs unit . & (b) £IFO - Peepectual Date Pulchases units per Total COJE mar 1 mar $66 $132 Praca otor tonrol noitua Ending Inventory... units per unit total cost 17 & $46 $782 17 7 46 782 G 2 8 66 132 13 846 598 mart ourt 2 $66 $132 $46 184 7 2 sub 322 Cost of goods sold & 8 638 846 $276 mar 13 sine rolos Endring UPON inventory - $276
2)
Music hiz Income statement for the month ended march 31, 2018 $1,279. sales. (6x $100) + (7x97) 598 less cost of goods sold 681 Gross pront Lessi operating expenses. 240 Income before tax чиг cess: ancome tax @ 35% 154 $287 Met Income

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