The Downtown Appliance Center, Inc. is a retailer of cor rchase, and products is
ID: 2562340 • Letter: T
Question
The Downtown Appliance Center, Inc. is a retailer of cor rchase, and products is the Auto-Ot Iron which had the following beginning invent sales history during the current year January 1 inventory..7 May 6 purchases November 10 purchases... $161 $364 $270 $795 $23 $26 14 July 14 sales.20 December 31 inventory The selling price of each Auto-Or Iron all Based on the information provided and assuming The Downtown Appliance Center, Ine, uses a perpetual inventory system and the last-in, first-out (LIFO) inventory method, determine cost of goods sold and ending inventory balance Based on the information provided and assuming The Downtown Appliance Center, Inc. uses a rpetual inventory system and the first-in, first-out (FIFO) inventory method, determine cost f goods sold and ending inventory balanceExplanation / Answer
A) perpetual LIFO Cost of goods available for sale Cost of goods sold Ending Inventory # of units Cost per unit Cost of goods available for sale # of units Cost per unit Cost of goods sold # of units Cost per unit Ending Inventory Beginning Inventory 7 23 $ 161 - 23 $ - 7 23 $ 161 Purchase 6-May 14 26 $ 364 11 26 $ 286 3 26 $ 78 10-Nov 9 30 $ 270 9 30 $ 270 - 30 $ - Total 30 $ 795 20 $ 556 10 $ 239 b) Perpetual FIFO Cost of goods available for sale Cost of goods sold Ending Inventory # of units Cost per unit Cost of goods available for sale # of units Cost per unit Cost of goods sold # of units Cost per unit Ending Inventory Beginning Inventory 7 23 $ 161 7 23 $ 161 - 23 $ - Purchase 6-May 14 26 $ 364 13 26 $ 338 1 26 $ 26 10-Nov 9 30 $ 270 - 30 $ - 9 30 $ 270 $ - - $ - - - $ - Total 30 $ 795 20 $ 499 10 $ 296
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