Computing Cost of Sales and Ending Inventory Howell Company has the following financial records for the current period. Units Unit Cost Beginning Inventory Purchases: #1 150 600 $100 96 #32 500 92 #3 250 06 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. (Hint: For average cost, round average cost per unit to two decimal places for calculation of ending inventory. Round to the nearest whole number. Cost of goods sold = Cost of goods available for sale less ending inventory.) (a) First-in, first-out Ending inventory $ 180000 Cost of goods sold $ (b) Average cost Ending inventory $4 Cost of goods sold $ (c) Last-in, first-out Ending inventory Cost of goods sold $
Computing Cost of Sales and Ending Inventory Howell Company has the following financial records for the current period. Units Unit Cost Beginning Inventory Purchases: #1 150 600 $100 96 #32 500 92 #3 250 06 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. (Hint: For average cost, round average cost per unit to two decimal places for calculation of ending inventory. Round to the nearest whole number. Cost of goods sold = Cost of goods available for sale less ending inventory.) (a) First-in, first-out Ending inventory $ 180000 Cost of goods sold $ (b) Average cost Ending inventory $4 Cost of goods sold $ (c) Last-in, first-out Ending inventory Cost of goods sold $
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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