Sh12 theCompute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each ofinventory costing methods. (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollaramount.)a. Weighted average costb. First-in, first-outc. Last-in, first-out:d. Specific identificationAmount of GoodsAvailable for Sale1,8001,800$$$$1,8001,800Ending InventoryCost of GoodsSold Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costingmethod at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the followinginformation at the end of the accounting period, January 31. The inventory's selling price is $9 per unit.TransactionsInventory, January 1Sale, January 10Purchase, January 12Sale, January 17Purchase, January 26UnitCost$ 2.503.004.00a. Weighted average cost.b. First-in, first-out.c. Last-in, first-out.Units Total Cost260$ 650(200)310(150)55930220Required:1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the followinginventory costing methods:d. Specific identification, assuming that the January 10 sale was from the beginning inventory and the January 17 sale was from theJanuary 12 purchase.

The inventory methods are FIFO, LIFO, weighted average method, and specific identification method.…

Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the inventory costing methods. (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.) a. Weighted average cost b. First-in, first-out c. Last-in, first-out: d. Specific identification Amount of Goods Available for Sale Ending Inventory $ $ $ 1,800 1,800 1,800 1,800 Cost of Goods Sold

Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the inventory costing methods. (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.) a. Weighted average cost b. First-in, first-out c. Last-in, first-out: d. Specific identification Amount of Goods Available for Sale Ending Inventory $ $ $ 1,800 1,800 1,800 1,800 Cost of Goods Sold

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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