Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. broadway inc. had the following goods available fo

Broadway Inc. had the following goods available for sale in the last accounting period: Date...

50.1K

Verified Solution

Question

Accounting

Broadway Inc. had the following goods available for sale in the last accounting period:

Date :1-Jan Opening Inventory 10-JanPurchase , 18-JanPurchase,purchase: unit :300,500,400 ,1200 unite cost $ 12, 14,16 total $ 3600, 7000, 6400, 17000

Sales for the period were 900 units at $22 per unit and the remaining inventory was 300 units. Instructions Calculate the ending inventory cost and the cost of goods sold under:

1. FIFO Method

2. Weighted Average Method

3. Calculate gross profit under FIFO & Average Method.

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

Medical Sciences
1.2K views

You should assume that all stroke patients in this activity are experiencing dysfunction due to the...

Physics
1.2K views

I intend to start making visual observations, and I want to know more about the difference...

Advance Math
1.2K views

Part 3. Questions 3,4,5. [ Use Video-2 under Scheduling heading. ] [Note: The order of jobs in...

Biology
1.2K views

The pyrimidines include O Adenine and Cytosine Adenine and Thymine O Adenine and Guanine O...

Physics
1.2K views

7 Two small metallic spheres each of mass m are suspended together with strings of...

Basic Math
1.2K views

Factor the following expression completely.m5n-625mn5Select the correct choice below and, if necessary, fill in the...

Algebra
1.2K views

Your employer automatically puts 15 percent of your salary into a 401(k) retirement account at...

Accounting
1.2K views

O Corp issues 5%, 20-year bonds with a total face amount of $1,000,000. The market...

Accounting
1.2K views

Front Page Video Games Corporation has forecasted the following monthly sales: ...

Accounting
1.2K views

Barbara Kardashian is a new accountant with Flint Discount Retail Company. Flint purchased merchandise on...

Finance
1.2K views

The historical returns are shown in the following table. What is the daily volatility of...

Finance
1.2K views

SAMSUNG money, Rianna will report: A) no income B) $30,000.00 of taxable Income. C) $5,000.00...