I honestly need help on FIFO, LIFO, weighted average, and specific method on these chapter 7 questions. The following transactions occurred for the month of May. Date Units Cost Total Sales Price 1-May Beginning Balance 65 13 $845 2-May Purchase 75 14 $1,050 3-May Purchase 70 16 $1,120 10-May Sale 100 $30 15-May Purchase 40 17 $680 17-May Sale 45 $30 30-May Sale 100 $30 Calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under Weighted Averages. Do not round the unit cost. Do round total costs to the nearest cent on each transaction. End of the month totals Cost of Goods Sold $ Ending Inventory $ Gross Profit $
I honestly need help on FIFO, LIFO, weighted average, and specific method on these chapter 7 questions. The following transactions occurred for the month of May. Date Units Cost Total Sales Price 1-May Beginning Balance 65 13 $845 2-May Purchase 75 14 $1,050 3-May Purchase 70 16 $1,120 10-May Sale 100 $30 15-May Purchase 40 17 $680 17-May Sale 45 $30 30-May Sale 100 $30 Calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under Weighted Averages. Do not round the unit cost. Do round total costs to the nearest cent on each transaction. End of the month totals Cost of Goods Sold $ Ending Inventory $ Gross Profit $
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.6E
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I honestly need help on FIFO, LIFO, weighted average, and specific method on these chapter 7 questions.
The following transactions occurred for the month of May.
| Date | Units | Cost | Total | Sales Price | |
| 1-May | Beginning Balance | 65 | 13 | $845 | |
| 2-May | Purchase | 75 | 14 | $1,050 | |
| 3-May | Purchase | 70 | 16 | $1,120 | |
| 10-May | Sale | 100 | $30 | ||
| 15-May | Purchase | 40 | 17 | $680 | |
| 17-May | Sale | 45 | $30 | ||
| 30-May | Sale | 100 | $30 |
Calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under Weighted Averages. Do not round the unit cost. Do round total costs to the nearest cent on each transaction.
End of the month totals
| Cost of Goods Sold | $ |
| Ending Inventory | $ |
| Gross Profit | $ |
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