Given the following: January 1 inventory April 1 June 1 November 1 Number purchased 34 54 44 Cost of goods sold 49 181 Cost per unit $4 7 8 9 Total $ 136 378 352 441 $1,307 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 55 units). Cost of ending inventory b. Calculate the cost of goods sold using the FIFO (ending inventory shows 55 units).

Given the following: January 1 inventory April 1 June 1 November 1 Number purchased 34 54 44 Cost of goods sold 49 181 Cost per unit $4 7 8 9 Total $ 136 378 352 441 $1,307 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 55 units). Cost of ending inventory b. Calculate the cost of goods sold using the FIFO (ending inventory shows 55 units).

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 1CE: LO1 If the ending inventory is overstated by 10,000, indicate what, if anything, is incorrect about...

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