Please do not give solution in image format thanku Beginning180Purchase154,200Purchase2422,000Unit CostInventory120$ 9,600380200DateJanuary$January90January110UnitsTotal CostRequired:1. Calculate the number and cost of goodsavailable for sale.2. Calculate the number of units in endinginventory.3. Calculate the cost of ending inventory andcost of goods sold using the (a) FIFO, (b) LIFO,and (c) weighted average cost methods.3

Since in this question no sales unit is given we are assuming that number of units that are sold is…

1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.

1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 4PB: Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20,...

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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Please do not give solution in image format thanku

Beginning
1
80
Purchase
15
4,200
Purchase
24
22,000
Unit Cost
Inventory
120
$ 9,600
380
200
Date
January
$
January
90
January
110
Units
Total Cost
Required:
1. Calculate the number and cost of goods
available for sale.
2. Calculate the number of units in ending
inventory.
3. Calculate the cost of ending inventory and
cost of goods sold using the (a) FIFO, (b) LIFO,
and (c) weighted average cost methods.
3

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Step 2: 1.Number and cost of goods available for sale

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Step 3: 2. number of units in ending inventory

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Step 4: 3. cost of ending inventory and cost of goods sold using the FIFO, LIFO and Weighted average

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( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
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