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Weasley's Wizard Wheezes, Inc. (WwW) began its business in January 2019 as a wholesale distributor of candy. WWW's purchases throughout 2019 are shown below. WWW sold 250,000 units at $2.00 each during 2019. Units Purchased Unit Cost $0.90 Total Cost $27,000 January 2 30,000 February 5 25,000 0.88 22,000 March 10 33,300 0.90 29,970 38,000 76,398 63,000 40,000 April 15 July 10 0.95 74,900 1.02 October 13 60,000 1.05 December 31 20,000 1.20 24,000 $280,368 283,200 What is the amount of WWW's cost of goods sold during 2019 using the first-in, first-out (FIFO) cost flow assumption for its candy inventory? (Enter a whole number without a dollar sign.)

Weasley's Wizard Wheezes, Inc. (WwW) began its business in January 2019 as a wholesale distributor of candy. WWW's purchases throughout 2019 are shown below. WWW sold 250,000 units at $2.00 each during 2019. Units Purchased Unit Cost $0.90 Total Cost $27,000 January 2 30,000 February 5 25,000 0.88 22,000 March 10 33,300 0.90 29,970 38,000 76,398 63,000 40,000 April 15 July 10 0.95 74,900 1.02 October 13 60,000 1.05 December 31 20,000 1.20 24,000 $280,368 283,200 What is the amount of WWW's cost of goods sold during 2019 using the first-in, first-out (FIFO) cost flow assumption for its candy inventory? (Enter a whole number without a dollar sign.)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 13P: Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X,...
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What is the ending inventory value?

Weasley's Wizard Wheezes, Inc. (www) began its business in January 2019 as a wholesale distributor of candy. WWW's purchases throughout 2019 are shown below. Www sold 250,000 units at $2.00 each during 2019. Units Total Cost $27,000 Purchased Unit Cost January 2 30,000 $0.90 February 5 25,000 0.88 22,000 March 10 33,300 0.90 29,970 April 15 40,000 0.95 38,000 74,900 60,000 July 10 1.02 76,398 October 13 1.05 63,000 24,000 $280,368 December 31 20,000 1.20 283,200 What is the amount of WwW's cost of goods sold during 2019 using the first-in, first-out (FIFO) cost flow assumption for its candy inventory? (Enter a whole number without a dollar sign.)
Transcribed Image Text:Weasley's Wizard Wheezes, Inc. (www) began its business in January 2019 as a wholesale distributor of candy. WWW's purchases throughout 2019 are shown below. Www sold 250,000 units at $2.00 each during 2019. Units Total Cost $27,000 Purchased Unit Cost January 2 30,000 $0.90 February 5 25,000 0.88 22,000 March 10 33,300 0.90 29,970 April 15 40,000 0.95 38,000 74,900 60,000 July 10 1.02 76,398 October 13 1.05 63,000 24,000 $280,368 December 31 20,000 1.20 283,200 What is the amount of WwW's cost of goods sold during 2019 using the first-in, first-out (FIFO) cost flow assumption for its candy inventory? (Enter a whole number without a dollar sign.)
Continuing with the same facts shown above, what is the book value of WWW's ending inventory using the weighted-average cost flow assumption? (Enter a whole number without a $ sign.)
Transcribed Image Text:Continuing with the same facts shown above, what is the book value of WWW's ending inventory using the weighted-average cost flow assumption? (Enter a whole number without a $ sign.)
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