Computing Cost of Sales and Ending Inventory Stocken Company has the following f

Question

Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the current period Units Unit Cost Beginning Inventory Purchases: #1 #2 #3 100 650 550 200 $ 28 20 18 Ending inventory is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first out, (b) average cost, and (c) last-in, first out. (a) First-in, first-out Ending inventory $ Cost of goods sold $ (b) Average cost Ending inventory Cost of goods sold $ (c) Last-in, first-out Ending inventory $ Cost of goods sold $

Explanation / Answer

Calculate following :

a) First in first out Ending inventory (200*18+150*20) 6600 Cost of goods sold (400*20+650*24+100*28) 26400 b) Average cost Ending inventory (33000/1500)*350 7700 Cost of goods sold (33000/1500)*1150 25300 c) Last in first out Ending inventory (100*28+250*24) 8800 Cost of goods sold (400*24+550*20+200*18) 24200

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.