Please correct what I did wrong, thank you!
Homework Answers
Answer
- Requirement [a]
Cost of Goods Sold = $ 323
Ending Inventory = $ 457
|
FIFO |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
|
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
|
Beginning Inventory |
29 |
$ 7.00 |
$ 203.00 |
29 |
$ 7.00 |
$ 203.00 |
0 |
$ 7.00 |
$ - |
|
Purchases: |
|||||||||
|
15-May |
26 |
$ 8.00 |
$ 208.00 |
15 |
$ 8.00 |
$ 120.00 |
11 |
$ 8.00 |
$ 88.00 |
|
24-May |
41 |
$ 9.00 |
$ 369.00 |
0 |
$ 9.00 |
$ - |
41 |
$ 9.00 |
$ 369.00 |
|
TOTAL |
96 |
$ 780.00 |
44 |
$ 323.00 |
52 |
$ 457.00 |
|||
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Purchase
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24
Purchase
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14
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Total
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Nabobson Inc. uses a periodic inventory system. Its records show
the following for the month of May, in which 97 units were
sold:
Date
Explanation
Units
Unit Cost
Total Cost
May
1
Inventory
37
$11
$407
May
15
Purchase
31
12
372
May
24
Purchase
50
14
700
Total
118
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