Problem 1 of 2 (note additional problem below): Calculate the cost of goods sold dollar value and thevalue of ending inventory for En Cee Yo0 Company for the sale on March 11, considering the followingtransactions 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 (LIF0); and (c) weighted average (AVG).You must show your work and calculations--answers that are correct but do not show calculations are gradedas a zero grade. Place your answers in the shaded cells.Number of Units Unit Cost110 $Beginning inventory, March 1Purchased inventory, March 886140 $90Sold inventory for $110 per unit, March 1195If you use the FIFO method,the dollar value of COGS is →and the dollar value of ending inventory is-If you use the LIFO method,the dollar value of COGS is -and the dollar value of ending inventory is-If you use the Weighted Average method,the dollar value of COGS is -and the dollar value of ending inventory is→Problem 2 of 2: Record the journal entries for the March 11 sale (assume for this response FIFO inventory):Select accounts using the drop down dialogue (also assume that the customer paid cash).TransactionAccount nameDebitCreditA. Display the accounting transaction torecord the revenue from the sale on March 11B. Display the accounting transaction torecord the COGS from the sale on March 11

Name: Problem 1 of 2 (note additional problem below): Calculate the cost of
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Description: Problem 1 of 2 (note additional problem below): Calculate the cost of goods sold dollar value and thevalue of ending inventory for En Cee Yo0 Company for the sale on March 11, considering the followingtransactions under three different cost allocati

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problem below): Cost of goods sold dollar value and the alue of ending inventory for En Cee Yoo Company for the sale on March 11, considering the following ansactions under three different cost allocation methods and using perpetual inventory updating. ovide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AV ou must show your work and calculations--answers that are correct but do not show calculations are graded a zero grade. Place your answers in the shaded cells. Number of Units Unit Cost eginning inventory, March 1 urchased inventory, March 8 old inventory for $110 per unit, March 11 110 $ 86 140 $ 90 95 you use the FIFO method, the dollar value of COGS is - nd the dollar value of ending inventory is→ you use the LIFO method, the dollar value of COGS is - nd the dollar value of ending inventory is→ you use the Weighted Average method, the dollar value of COGS is - und the dollar value of ending inventory is→ oblem 2 of 2: Record the journal entries for the March 11 sale (assume for this response FIFO inventory): elect accounts using the drop down dialogue (also assume that the customer paid cash).

problem below): Cost of goods sold dollar value and the alue of ending inventory for En Cee Yoo Company for the sale on March 11, considering the following ansactions under three different cost allocation methods and using perpetual inventory updating. ovide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AV ou must show your work and calculations--answers that are correct but do not show calculations are graded a zero grade. Place your answers in the shaded cells. Number of Units Unit Cost eginning inventory, March 1 urchased inventory, March 8 old inventory for $110 per unit, March 11 110 $ 86 140 $ 90 95 you use the FIFO method, the dollar value of COGS is - nd the dollar value of ending inventory is→ you use the LIFO method, the dollar value of COGS is - nd the dollar value of ending inventory is→ you use the Weighted Average method, the dollar value of COGS is - und the dollar value of ending inventory is→ oblem 2 of 2: Record the journal entries for the March 11 sale (assume for this response FIFO inventory): elect accounts using the drop down dialogue (also assume that the customer paid cash).

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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