DMyPic_gRevicw.. e Dictionary Calculator Gradebook Calendar Wood Company had the

Question

DMyPic_gRevicw.. e Dictionary Calculator Gradebook Calendar Wood Company had the following inventory information for the year ending December 31: Units 35 20 45 30 130 Unit Cost $7 10 Total S 245 200 495 360 S 1,300 Beginning Inventory Purchases: March 3 June 15 September 28 12 Cost of Goods Available for Sale On December 31, Wood Company had an ending inventory of 30 units. They use a periodic inventory system to compute the cost of ending inventory Required Using FIFO (a) Compute the cost of ending inventory (b) Compute the cost of goods sold Cost of ending inventory Cost of oods soid Clear Help trpe here to search

Explanation / Answer

Answer:-a)- Cost of ending inventory under FIFO method:- $360 (ie-30 units @ $12 per unit).

b)- Cost of goods sold:-$940

Explanation:-

Calculation of ending inventory & cost of goods sold using (FIFO METHOD) DATE OPENING INVENTORY PURCHASES SALE CLOSING INVENTORY UNITS $/UNITS $TOTAL UNITS $/UNITS $TOTAL UNITS $/UNITS $TOTAL UNITS $/UNITS $TOTAL Jan-01 35 7 245 35 7 245 Mar-03 35 7 245 20 10 200 35 7 245 20 10 200 Jun-15 35 7 245 45 11 495 35 7 245 20 10 200 20 10 200 45 11 495 Sep-28 35 7 245 30 12 360 35 7 245 20 10 200 20 10 200 45 11 495 45 11 495 30 12 360 35 7 245 30 12 360 20 10 200 45 11 495 Total 100 940

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