Answer | ||||
Answer A | Units | Amount per unit ($) | Total Amount ($) | |
. | Beginning inventory | $ 2,460 | $ 7 | $ 17,220 |
Purchases: | ||||
Mar-05 | $ 2,120 | $ 8 | $ 16,960 | |
Mar-13 | $ 3,450 | $ 9 | $ 31,050 | |
Mar-21 | $ 4,700 | $ 10 | $ 47,000 | |
Mar-26 | $ 2,020 | $ 11 | $ 22,220 | |
Cost of goods sold | $ 14,750 | $ 1,34,450 | ||
Answer B | 1B. Average cost = $134,450 / 14,750 = $9.115 | |||
Units in ending inventory = 14,750 - 11,390 = 3,360 | ||||
Answer B1 | FIFO Method- | |||
Ending Inventory - (2,020 * $11) + (1,340 * $10) = $35,620 | ||||
COGS- $134,450 - $35,620 = $98,830 | ||||
Answer B-2 | LIFO Method- | |||
Ending Inventory - (2,460 * $7) + (900 * $8) = $24,420 | ||||
COGS- $134,450 - $24,420 = $110,030 | ||||
Answer B-3 | Average cost- | |||
Ending inventory - 3,360 * $9.115 = $30,626 | ||||
COGS- $134,450 - $30,626 = $103,824 |
CALCULATOR PRINTER VERSION Problem 6-2A Pearl Industries markets CDs of numerous performing artists. At the beginning...
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