[The following information applies to the questions displayed below.]Suppose that David has elected to account for inventories and has adopted the last-in, first-out (LIFO) inventory-flowmethod for his business inventory of widgets (purchase prices below).WidgetNumber 1Number 2Number 3 November 10Purchase Date Direct Cost Other Costs Total CostAugust 15$ 2,200$ 2,100October 302,2002,3502,3002,400WidgetNumber 4Number 5Number 6In late December, David sold one widget, and next year David expects to purchase three more widgets at the followingestimated prices:Purchase DateEarly springSummerFallRequired C1 Required C2Cost of goods soldEnding inventoryEstimatedCostRequired:c-1. What cost of goods sold and ending inventory would David record if he elects to use the FIFO method this year?c-2. If David sells two more widgets next year, what will be his cost of goods sold and ending inventory next year under the FIFOmethod?$ 100150100$ 2,6002,2602,400Complete this question by entering your answers in the tabs below.FIFOIf David sells two more widgets next year, what will be his cost of goods sold and ending inventory next year under the FIFOmethod?

The First-in First-out (FIFO) approach of inventory valuation is based on the idea that things are…

[The following information applies to the questions displayed below. Suppose that David has elected to account for inventories and has adopted the last-in, first-out (LIFO) inventory-flow method for his business inventory of widgets (purchase prices below). Widget Number 1 Number 2 Number 3 Widget Number 4 $ 2,200 Purchase Date Direct Cost Other Costs Total Cost August 15 October 30 November 10 $ 2,100 2,200 2,300 2,350 2,400 In late December, David sold one widget, and next year David expects to purchase three more widgets at the following estimated prices: Number 5 Number 6 Purchase Date Early spring Summer Fall $ 100 150 100 Estimated Cost $ 2,600 2,260 2,400 Required: c-1. What cost of goods sold and ending inventory would David record if he elects to use the FIFO method this year? c-2. If David sells two more widgets next year, what will be his cost of goods sold and ending inventory next year under the FIFO method?

[The following information applies to the questions displayed below. Suppose that David has elected to account for inventories and has adopted the last-in, first-out (LIFO) inventory-flow method for his business inventory of widgets (purchase prices below). Widget Number 1 Number 2 Number 3 Widget Number 4 $ 2,200 Purchase Date Direct Cost Other Costs Total Cost August 15 October 30 November 10 $ 2,100 2,200 2,300 2,350 2,400 In late December, David sold one widget, and next year David expects to purchase three more widgets at the following estimated prices: Number 5 Number 6 Purchase Date Early spring Summer Fall $ 100 150 100 Estimated Cost $ 2,600 2,260 2,400 Required: c-1. What cost of goods sold and ending inventory would David record if he elects to use the FIFO method this year? c-2. If David sells two more widgets next year, what will be his cost of goods sold and ending inventory next year under the FIFO method?

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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