Beech Soda, Inc. uses a perpetual inventory system. The company\'s beginning inv
ID: 2423701 • Letter: B
Question
Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows:
On January 14, Beech Soda, Inc. sold 22 units of this product. The other 24 units remained in inventory at January 31.
Assuming that Beech Soda uses the average cost flow assumption, the cost of goods sold to be recorded at January 14 is (round your intermediate calculation to one decimal place and final answer to the nearest cent):
Assuming that Beech Soda uses the FIFO cost flow assumption, the 24 units of this product in inventory at January 31 have a total cost of:
Assuming that Beech Soda uses the LIFO cost flow assumption, the 24 units of this product in inventory at January 31 have a total cost of:
Quantity Unit Cost Total Cost Beginning inventory (Jan. 1) 17 $ 8 $ 136 Purchase (Jan. 11) 9 $ 14 126 Purchase (Jan. 20) 20 $ 16 320 Total 46 $ 582Explanation / Answer
Beech Soda Qty Rate $ Amt $ Beginning Inventory Jan 1. 17.00 8.00 136.00 Purchase Jan 11 9.00 14.00 126.00 Purchase Jan 20 20.00 16.00 320.00 Total 46.00 582.00 Avaiable for sale on Jan 14. 17.00 8.00 136.00 9.00 14.00 126.00 Total 26.00 10.08 262.00 By FIFO Method Sale Jan 14. 17.00 8.00 136.00 5.00 14.00 70.00 Cost of Goods sold 22.00 206.00 Closing Balance 4.00 14.00 56.00 20.00 16.00 320.00 Total Closing Stock value 24.00 376.00 By LIFO Method Sale Jan 14. 13.00 8.00 104.00 9.00 14.00 126.00 Cost of Goods sold 22.00 230.00 Closing Balance 4.00 8.00 32.00 20.00 16.00 320.00 Total Closing Stock value 24.00 352.00
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