# Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).

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### Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685

#### Solutions

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FindFindarrow_forward

### Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 10, Problem 4PB
Textbook Problem
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## Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).

To determine

(a)

Concept introduction:

Cost of goods sold: It is the cost which is also known as cost of goods manufactured, calculates the total value of goods produced during the period and is ready for sale. In other word total amount of expense incurred to turn raw material inventory into finished goods.

To calculate:

Cost of goods sold as per FIFO.

### Explanation of Solution

To calculate the cost of goods sold company multiply the cost per unit to the quantity sold...

To determine

(b)

Concept introduction:

Cost of goods sold: It is the cost which is also known as cost of goods manufactured, calculates the total value of goods produced during the period and is ready for sale. In other word total amount of expense incurred to turn raw material inventory into finished goods.

To calculate:

Cost of goods sold as per LIFO.

To determine

(c)

Concept introduction:

Cost of goods sold: It is the cost which is also known as cost of goods manufactured, calculates the total value of goods produced during the period and is ready for sale. In other word total amount of expense incurred to turn raw material inventory into finished goods.

To calculate:

Cost of goods sold as per weighted average.

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