Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. q5. calculate cogs and ending inventory using fifo

Q5. CALCULATE COGS AND ENDING INVENTORY USING FIFO AND LIFO METHOD- 15 MARKS ...

70.2K

Verified Solution

Question

Accounting

Q5. CALCULATE COGS AND ENDING INVENTORY USING FIFO AND LIFO METHOD- 15 MARKS

DATE

PARTICULARS

UNITS

COST PER UNIT

TOTAL COST

AUG 1

BEGINNING INVENTORY

10 @

$91

$910

AUG 3

PURCHASED

15 @

$106

$1590

AUG 17

PURCHASED

20 @

$115

$2300

TOTAL GOODS AVAILABLE FOR SALE

45 UNITS

$4800

FOLLOWING SALES WERE MADE-

DATE

PARTICULARS

UNITS

SELLING PRICE PER UNIT

TOTAL COST

AUG 14

SALES

20

$133

$2660

AUG 28

SALES

14

$150

$2100

TOTAL

34

4760

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

Physics
1.2K views

II Attempt any four sub parts each question carries 1 mark 1X4 4 5 Carnot...

Physics
1.2K views

15 Two satellites of mass m and 2 m are revolving in two circular orbits...

Basic Math
1.2K views

Find the horizontal shift.y = sin(4? - pi/2)

Basic Math
1.2K views

Tell whetherMrs. Hense sells a roll of coastal Bermudahorse hay for $58. She says she...

Statistics
1.2K views

Simplify the radical Give the EXACT answer in simplified radical form 8 55 20

Accounting
1.2K views

Rise from the Ashes Corporation allocates overhead to production on the basis of direct labor...

Accounting
1.2K views

For the year just completed, Hanna Company had net income of $69,000. Balances in the...

Accounting
1.2K views

Neumann Corporation issues convertible preferred stock that is mandatorily redeemable five years from the date...

Accounting
1.2K views

Sweeten Company had no jobs in progress at the beginning of the year and no...

Accounting
1.2K views

HELP! Old Town Entertainment has two employees in Year 1....

Accounting
1.2K views

Universal Sports Supply began the year with an accounts receivable balance of $150,000 and a...

Accounting
1.2K views

EMCOLIVII JO Not yet answered Points out of 1.00 p Flag question If a firm...