C7PA71& PAI 1 Transactions during the a. Purchase, January b. Sale, March 14 ($1

Question

C7PA71& PAI 1 Transactions during the a. Purchase, January b. Sale, March 14 ($100 each) (1,050) 2,458 6s 1,158 Sale, August 31 ($100 each) Assuming that for Specific denefication meod Stem to) the three-fihis from the purchase of Janary 30. Assume thet the sale of Augunt nvermory, with the balsnce from the purchase of May 1 3t was selecsed from the remainder of the beginning methods (Round intermediate celculations to 2 decimal places and finel answers to the nearest whole doller amount for sale b Wehed average cot P Apple iPho Select to ch device. O Type here to search

Explanation / Answer

METHOD Amount of Goods available for sale Ending inventory COGS a. LIFO 334000 1400*55+1050*65=145250 334000-145250=188750 b. Weighted Avg cost 334000 2450*66.80=163660 334000-163660=170340 334000/5000=66.8 c. FIFO 334000 1150*85+1300*65=182250 334000-182250=151750 d. specific identification 334000 334000-162150=171850 1050*2/5*55 + 1050*3/5*65=64050 980*55+520*85=98100 Total = 162150

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