Page 14 ACCT 201 Case Spring 2018 inventory for the month of November. Assume th
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Page 14 ACCT 201 Case Spring 2018 inventory for the month of November. Assume that Canine Cuisine, Inc. uses the periodic inventory system and that 150 bags of dog food were on hand on November 30 (dog food bags units) . Canine Cuisine, Inc. reports the following information regarding dog cuisine in its store's Date Explanation Units Unit Cost Total Cost 50 $5,000 1-Nov Inventory 10-NovPurchase 7-NovPurchase 4-Nov Purchase $12,000 35,000 400 90 $36,000 200 500 60 70 a. What is the cost of goods available for sale for November? b. How many bags of dog food were available for sale during November? c. What is the cost of ending inventory under FIFO? d. What is the cost of goods sold under LIFO e, what is the cost of ending inventory under the average cost method?Explanation / Answer
a.88,000...(5000+12000+35000+36000)
b.1050 units......(100+200+500+400-150)
c.13500......(150 units @90)
d.8,000........(100 units @50+50 units @60)
e.11,000......(88000/1200 units=77000) cost of ending inventory....i.e. total 88,000-77,000
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