ACTG-100-AB-Accounting Procedures-c Test: Exam 3 (Chapters 7,8,9,10,15,22) Fall
ID: 2597614 • Letter: A
Question
ACTG-100-AB-Accounting Procedures-c Test: Exam 3 (Chapters 7,8,9,10,15,22) Fall 2017 This Question: 4 pts 23 of 25 (25 complete) calculate the cost of ending inventory and cost of goods sold using the (a D) FIFO (b) LIFO, and (c) weighted-average methods b) Units Cost anuary 1 Beginning I March 6 Purchased August 9Purchased December 10 Purchased 1S 10 1 10 Complete each table to calculate the cost of ending inventory and cost of goods sold using the (a) FIFO (b) LIFO, and (c) weighted-average methods (a) FIFO (b) LIFO 54 Less Ending inventory 54 Cost of goods soldExplanation / Answer
Answer:
FIFO
LIFO
Weighted average
Cost of goods available for sale
54
54
54
less: ending inventory
14
17
12
Cost of goods sold
40
37
42
Explanation to the answer:
FIFO calculation
FIFO
Beginning and purchase
Cost of goods sol
Closing
Date
Unit
Cost
Total
Unit
Cost
Total
Unit
Cost
Total
1-Jan
1
10
10
1
10
10
6-Mar
2
7
14
2
7
14
9-Aug
5
4
20
4
4
16
1
4
4
10-Dec
1
10
10
1
10
10
Total
9
54
7
40
2
14
LIFO calculation
LIFO
Beginning and purchase
Cost of goods sol
Closing
Date
Unit
Cost
Total
Unit
Cost
Total
Unit
Cost
Total
1-Jan
1
10
10
1
10
10
6-Mar
2
7
14
1
7
7
1
7
7
9-Aug
5
4
20
5
4
20
10-Dec
1
10
10
1
10
10
Total
9
54
7
37
2
17
Weighted average calculation
Weighted average
Beginning and purchase
Cost of goods sol
Closing
Date
Unit
Cost
Total
Unit
Cost
Total
Unit
Cost
Total
1-Jan
1
10
10
6-Mar
2
7
14
9-Aug
5
4
20
10-Dec
1
10
10
7
6
42
2
6
12
Total
9
6
54
7
42
2
12
FIFO
LIFO
Weighted average
Cost of goods available for sale
54
54
54
less: ending inventory
14
17
12
Cost of goods sold
40
37
42
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