Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. date transaction number of units unit cost total c

Date Transaction Number of Units Unit Cost Total Cost January 1...

50.1K

Verified Solution

Question

Accounting

Date Transaction Number of Units Unit Cost Total Cost
January 1 Beginning inventory 54 $46 $2,484
April 7 Purchase 134 48 6,432
July 16 Purchase 204 51 10,404
October 6 Purchase 114 52 5,928
506 $25,248

For the entire year, the company sells 440 units of inventory for $64 each.

Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending inventory and cost of goods sold. 2-c & d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold. 3-c & d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when inventory costs are rising.

image

e this question by entering your answers in the tabs below

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