FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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WORKING NOTE- TO CALCULATE ENDING INVENTORY AND COST OF GOODS SOLD
Date | Purchased Quantity(Echo shows 360)(A) | Units sold out of purchased quantity(B=A-C) | Ending inventory (Echo shows360)(C ) | Price($)(D) | Ending inventory ( in amt)(C*D) | Cost of goods sold(B*D) |
01-Jun | 11 | 6 | 5 | 273 | 1365 | 1638 |
01-Jul | 36 | 21 | 15 | 248 | 3720 | 5208 |
01-Aug | 67 | 55 | 12 | 238 | 2856 | 13090 |
7941 | 19936 |
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- How do i calculate ending inventory and cost of goods sold using LIFO?arrow_forwardWhich of the following items should not be included in the cost of inventory? Select one: O a. The initial purchase price of inventory O b. Freight out cost to deliver inventory to a customer c. Insurance cost paid to purchase the inventory d. Delivery cost paid to purchase the inventoryarrow_forwardExplain the gross profit method of estimating ending inventory.arrow_forward
- Please help mearrow_forwardAccording to our authors, define “cost” as it relates to determining the value of inventory. Provide examples.arrow_forwardWhich of the following costs will not affect cost of goods sold? Multiple Choice Inventory inspection costs. Inventory preparation costs. Inventory-related selling costs. O Freight charges incurred to bring inventory to the warehouse.arrow_forward
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