Part 1: Information relating to the inventory quantities, purchases and sales of an eight inch (8") speaker unit by the Stereo Company during 2022 is shown below: Inventory, Jan 1 First purchase - May 12th Second purchase - July 9th Third purchase - Oct 4th Fourth purchase - Dec 18th Goods available for sale Units sold during the year Number Of Units Cost per Total Unit Cost 2,700 $30.00 $81,000 3,540 30.60 108,324 2,400 31.05 74,520 1,860 32.10 59,706 3,000 32.55 97,650 13,500 $421,200 10,400 3,100 Inventory, Dec 31st INSTRUCTIONS: Show all final answers in the Answer Grid below a. Compute the cost of the December 31, 202 inventory and the cost of goods sold for the units in 2022 using: 1. Weighted Average 2. LIFO 3. FIFO b. In February of 2023, Stereo Company purchased 1000 units at $31.20 per unit, and then in March of 2023 they sold 2000 units. What is the cost of goods sold for the 2000 units sold in March, 2023 under each of the three methods? There is space on page 3 for your calculations -> -> -> -> Weighted Average 2022 a. Ending Inventory 2022 a. Cost of Goods Sold 2023-2nd year b. Cost of Goods Soldm LIFO FIFO mait old

Part 1: Information relating to the inventory quantities, purchases and sales of an eight inch (8") speaker unit by the Stereo Company during 2022 is shown below: Inventory, Jan 1 First purchase - May 12th Second purchase - July 9th Third purchase - Oct 4th Fourth purchase - Dec 18th Goods available for sale Units sold during the year Number Of Units Cost per Total Unit Cost 2,700 $30.00 $81,000 3,540 30.60 108,324 2,400 31.05 74,520 1,860 32.10 59,706 3,000 32.55 97,650 13,500 $421,200 10,400 3,100 Inventory, Dec 31st INSTRUCTIONS: Show all final answers in the Answer Grid below a. Compute the cost of the December 31, 202 inventory and the cost of goods sold for the units in 2022 using: 1. Weighted Average 2. LIFO 3. FIFO b. In February of 2023, Stereo Company purchased 1000 units at $31.20 per unit, and then in March of 2023 they sold 2000 units. What is the cost of goods sold for the 2000 units sold in March, 2023 under each of the three methods? There is space on page 3 for your calculations -> -> -> -> Weighted Average 2022 a. Ending Inventory 2022 a. Cost of Goods Sold 2023-2nd year b. Cost of Goods Soldm LIFO FIFO mait old

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Description: None Part 1: Information relating to the inventory quantities, purchases and sales of an eightinch (8") speaker unit by the Stereo Company during 2022 is shown below:Inventory, Jan 1First purchase - May 12thSecond purchase - July 9thThird purchase -

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.4.4P: Inventory by three cost flow methods Details regarding the inventory of appliances on January 1,...

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Part 1: Information relating to the inventory quantities, purchases and sales of an eight inch (8") speaker unit by the Stereo Company during 2022 is shown below: Inventory, Jan 1 First purchase - May 12th Second purchase - July 9th Third purchase - Oct 4th Fourth purchase - Dec 18th Goods available for sale Units sold during the year Inventory, Dec 31st Number Of Units Cost per Total Unit Cost Sirths a 2,700 $30.00 $81,000 3,540 30.60 108,324 2,400 31.05 74,520 1,860 32.10 59,706 3,000 32.55 97,650 13,500 $421,200 10,400 3,100 INSTRUCTIONS: Show all final answers in the Answer Grid below a. Compute the cost of the December 31, 202 inventory and the cost of goods sold for the units in 2022 using: 1. Weighted Average 2. LIFO 3. FIFO b. In February of 2023, Stereo Company purchased 1000 units at $31.20 per unit, and then in March of 2023 they sold 2000 units. What is the cost of goods sold for the 2000 units sold in March, 2023 under each of the three methods? There is space on page 3…
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