3/20/23, 5:15 PMHomework 4 https://mybusinesscourse.com/platform/mod/quiz/review.php?attempt=7735893&cmid=381080&page=21/1Question3 CorrectMark 6.00 out of 6.00 Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the current period: UnitsUnit cost Beginning inventory100$49 Purchases#165045 #255041 #320039 Ending inventory at the end of this period is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first- in, first-out, (b) average cost, and (c) last-in, first-out. FIFOAverage costLIFO Cost of goods soldEnding inventory13,95015,05016,150 50,550$49,450$48,350 $Solution UnitsUnit costTotal Beginning inventory100$49=$4,900 Purchases#165045=29,250 #255041=22,550 #320039=7,800 Cost of goods available for sale 1,500$64,500 a. First-in, first-out UnitsUnit costTotal 200$39=$7,800 15041=6,150 Ending inventory350$13,950 Cost of goods available for sale$64,500 Less: Ending inventory13,950 Cost of goods sold $50,550 b. Average cost Cost of Goods Available for Sale/Total Units Available for Sale = $64,500/ 1,500 = $43 Ending Inventory = 350 units x $43 =$15,050 Cost of goods available for sale$64,500 Less: Ending inventory15,050 Cost of goods sold $49,450 c. Last-in, first-out UnitsUnit costTotal 100$49=$4,900 25045=11,250 Ending Inventory350 $16,150 Cost of goods available for sale$64,500 Less: Ending inventory16,150 Cost of goods sold$48,350 Correct Marks for this submission: 6.00/6.00.
Expert's Answer
Chat with our Experts
Want to contact us directly? No Problem. We are always here for you
Your future, our responsibilty submit your task on time.
Order NowGet Online
Assignment Help Services