Smart Tech's beginning inventory and purchases for the month of August were as follows: a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted-average cost # of Units 600 $7.00 400 $7.50 500 $8.00 300 $8.75 Cost per Unit Beginning inventory First purchase Second purchase Third purchase Number of units available for sale On hand Number of units sold Required: Calculate the total amount to be assigned to cost of goods sold and ending inventory for August 31, using each of the following methods. For the weighted-average method, round the average unit cost to two decimal places. Round all final answers to the nearest dollar. Cost of Goods Sold Ending Inventory 1,800 400 1,400 Amount $4,200 3,000 4,000 2,625 $13,825
Smart Tech's beginning inventory and purchases for the month of August were as follows: a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted-average cost # of Units 600 $7.00 400 $7.50 500 $8.00 300 $8.75 Cost per Unit Beginning inventory First purchase Second purchase Third purchase Number of units available for sale On hand Number of units sold Required: Calculate the total amount to be assigned to cost of goods sold and ending inventory for August 31, using each of the following methods. For the weighted-average method, round the average unit cost to two decimal places. Round all final answers to the nearest dollar. Cost of Goods Sold Ending Inventory 1,800 400 1,400 Amount $4,200 3,000 4,000 2,625 $13,825
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business
Section: Chapter Questions
Problem 5CE
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