WileyPLUS Kimmel, Accounting, 6e Home Read, Study & Practice Gradebook ORION ewn

Question

WileyPLUS Kimmel, Accounting, 6e Home Read, Study & Practice Gradebook ORION ewnloadable eTextbook Exercise 206 Compute the cost to be assigned to ending inventory for each of the methods indicated given the following infomation about purchases and sales during the yesr January 1 Begrnng Inventory 100 items ? $7-$700 May ?Ennstan 400 items 3,200 $3,900 1 Purchases Total Avalable Total Sales 360 items December 31 Ending Inventory 14 Cost assigned on an average cost basis Cost assigned on a FIFO basis Costs assigned on a LIFO basis Click if you would like to Show Work for this question: Qeen Show wack LINE TO TEXT Question Attempts Review 5core

Explanation / Answer

Average Cost Basis Date Particulars Units   Cost Amount COGS 1-Jan Beginning Inventory                        100.00                      7.00                  700.00 1-May Purchase                        400.00                      8.00              3,200.00 Total                        500.00                      7.80              3,900.00 COGS                        360.00                      7.80              2,808.00 360*7.80 Ending Inventory                        140.00                      7.80              1,092.00 140*7.80 COGS                                  2,808.00 Ending Inventory                                  1,092.00 FIFO Date Particulars Units   Cost Amount COGS 1-Jan Beginning Inventory                        100.00                      7.00                  700.00 1-May Purchase                        400.00                      8.00              3,200.00 Total                        500.00              3,900.00 COGS                        360.00              2,780.00 100*7 + 260*8 Ending Inventory                        140.00              1,120.00 140*8 COGS                                  2,780.00 Ending Inventory                                  1,120.00 LIFO Date Particulars Units   Cost Amount COGS 1-Jan Beginning Inventory                        100.00                      7.00                  700.00 1-May Purchase                        400.00                      8.00              3,200.00 Total                        500.00              3,900.00 COGS                        360.00              2,880.00 360*8 Ending Inventory                        140.00              1,020.00 40*8+100*7 COGS                                  2,880.00 Ending Inventory                                  1,020.00

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