Gamez, Eileen Week 4 Assignment ACC305

Gamez, Eileen Week 4 Assignment ACC305 - E8-131. First-in,...

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Unformatted text preview: E8-131. First-in, first-out (FIFO) Beginning (2000 @$6.10)$12,200Add: Purchases (16,000 @ various prices) 85,000COGS for sale (18,000)$97,200Less: Ending Inventory(15,000)Cost of Goods Sold$82,2002. Last-in, first-out (LIFO) Beginning (2000 @$6.10)$12,200Add: Purchases (16,000 @ various prices) 85,000COGS for sale (18,000)$97,200Less: Ending Inventory(17,700)Cost of Goods Sold$79,5003. Average costBeginning (2000 @$6.10)$12,200Add: Purchases (16,000 @ various prices) 85,000COGS for sale (18,000)$97,200Less: Ending Inventory(15,000)Cost of Goods Sold$82,200Weighted average unit cost = $97,200/18,000 =$5.40E8-141. First-in, first-out (FIFO) PurchaseSoldBalanceBeg. 2000 @6.10 = $12,2002,000 x 6.10 = $12,200Aug 8. 10,000 @5.50 = $55,0002,000 x 6.10 = $12,20010,000 x 5.50 = $55,000Aug 142,000 x 6.10 = $12,2006,000 x 5.50 = $33,0004,000 x 5.50 = $22,000Aug 186,000 @5.00 = $30,0004,000 x 5.50 = $22,0006,000 x 5.00 = $30,000Aug 254,000 x 5.50 = $22,0003,000 x 5.00 = $15,0003,000 x 5.00 = $15,000$82,2002. Last-in, first-out (LIFO)PurchaseSoldBalanceBeg. 2000 @6.10 = $12,2002,000 x 6.10 = $12,200Aug 8. 10,000 @5.50 = $55,0002,000 x 6.10 = $12,20010,000 x 5.50 = $55,000Aug 148,000 x 5.50 = $44,0002,000 x 6.10 = $12,2002,000 x 5.50 = $11,000Aug 186,000 @5.00 = $30,0002,000 x 6.10 = $12,2002,000 x 5.50 = $11,0006,000 x 5.00 = $30,000Aug 256,000 x 5.00 = $30,0006,000 x 5....
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Gamez, Eileen Week 4 Assignment ACC305 - E8-131. First-in,...

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