Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. using the following information, calculate gross p

Using the following information, calculate gross profit and ending inventory using a) FIFO, b) LIFO,...

90.2K

Verified Solution

Question

Accounting

image
image
Using the following information, calculate gross profit and ending inventory using a) FIFO, b) LIFO, and c) weighted-average cost methods under an inventory system that uses specific identification. The company sold 2 units for $50 each on September 7. Date .... Units Cost/unit... Total Cost Oct. 11 Purchase....... 2 @ $10...... $20 Oct 22 Purchase....... 2 @ $20 ..$40 Sept 2 Purchase 3 @ $11 $ 33 Total $93 Using LIFO, what is the cost of Ending Inventory? Using FIFO, what is the cost of Ending Inventory? Using LIFO, what is the cost of COGS? Using FIFO, what is the cost of COGS? Using the following information, calculate gross profit and ending inventory using a) FIFO, b) LIFO, and c) weighted-average cost methods under an inventory system that uses specific identification. The company sold 2 units for $50 each on September 7. ---- Date..... Units Cost/unit..... Total Cost Oct. 11 Purchase....... 2 @ $10. $20 Oct. 22 Purchase....... 2 @ $20. ..$40 Sept 2 Purchase 3 @ $11 $ 33 Total $93 Using LIFO, what is the cost of Ending Inventory? Using FIFO, what is the cost of Ending Inventory? Using LIFO, what is the cost of COGS? Using FIFO, what is the cost of COGS

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

Electrical Engineering
1.2K views

timer base value of timer instruction

Civil Engineering
1.2K views

Several students were interested in using tempered glass as an additive for a portion of the...

Basic Math
1.2K views

12.26? Does haptic feedback improve performance? A group of technology students is interested in whether haptic feedback (forces...

Biology
1.2K views

What is a primary method of preventing spread of Clonorchis a Cook pork untill well...

Biology
1.2K views

Endosymbiosis Complete this figure by dragging the timelines and the descriptions of different events that...

Calculus
1.2K views

The expression cos(?/2)cos(?/5) + sin(?/2)sin(?/5) can be rewritten as which of the following?A) cos(7?/10)B)...

Calculus
1.2K views

Determine the equation of the line of best fit from the data in the table...

Calculus
1.2K views

6 Given the graph of f x Sketch f x on the san

Algebra
1.2K views

Solve the given initial value problem y 5y 0 The solution is y t y...

Algebra
1.2K views

An nth degree polynomial p satisfies the following conditions p is of degree 4 is...

Accounting
1.2K views

Can o' Corn LLC produces and sells baseball gloves and other sports equipment. Aseasonalbusiness, it...

Accounting
1.2K views

XYZ has been experiencing losses on its Widget line for several years. Here is the...