counting tAccT 105 & 1 ractice Assignment Gradebook ORION Downloadable eTextbook
ID: 2555519 • Letter: C
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counting tAccT 105 & 1 ractice Assignment Gradebook ORION Downloadable eTextbook gnment FULL SCREEN 4 BACK NEXT Brief Exercise 6-3 In its first month of operations, Bethke Company made three purchases of merchandise in the followi ng sequence: (1) 110 units at $9, (2) 420 units at $10, and (3) 110 u Assuming there are 270 units on hand, compute the cost of the ending inventory under t he FIFO method and LIFO method. Bethke uses a periodic inventory system. FIFO LIFO Cost of the ending inventory y. Question Attempts: 0 of 1 used SAVE FOR LATER SUBMIT ANSWER & Sons in Version 4.24.5.1 rivacy Policy 1 2000-2018 John Wiley & Sons Inc. All Rights Reserved. A Division of John Wley 4:30 PM 3/28/2018 ^ d) ? ? e to searchExplanation / Answer
Purchases:
110 units @ $9
420 units @ $10
110 units @ $11
Number of units available for sale = 110 + 420 + 110
Number of units available for sale = 640
Cost of goods available for sale = 110 * $9 + 420 * $10 + 110 * $11
Cost of goods available for sale = $6,400
Number of unit in ending inventory = 270
FIFO:
Cost of Ending Inventory = 110 * $11 + 160 * $10
Cost of Ending Inventory = $2,810
LIFO:
Cost of Ending Inventory = 110 * $9 + 160 * $10
Cost of Ending Inventory = $2,590
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