HW 5 - Dat e Purchases Sold Inventory Balance 8/1 (2000 x...

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Jonathan Franco ACCT 311 HW# 5 Date Purchases Sold Inventory Balance 8/1 (2000 x 6.10) = $12200 $12200 8/8 (10000 x 5.50) = 55000 (12200 + 55000) = 67200 (67200/12000) = 5.60/unit (10000 + 2000) = 12000 units 8/14 (8000 x 5.60) = $44800 (12000 – 8000) x 5.60 = 22400 8/18 (6000 x 5.00) = 30000 (22400 + 30000) = 52400 (52400/10000) = 5.24/unit (4000 + 6000) = 10000 units 8/25 (7000 x 5.24) = 36680 (10000 – 7000) x 5.24 = 15720 Average cost inventory ending balance = $15720 COGS = (44800 + 36680) = $81480
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Unformatted text preview: Dat e Purchases Sold Inventory Balance 8/1 (2000 x 6.10) = $12200 $12200 8/8 (10000 x 5.50) = 55000 (12200 + 55000) = 67200 8/14 (8000 x 5.50) = $44000 [12200 + (55000 44000)] = 23200 8/18 (6000 x 5.00) = 30000 (23200 + 30000) = 53200 8/25 (6000 x 5.00) + (1000 + 5.50) = 35500 53200 35500 = 17700 LIFO ending balance = $17700 COGS = (44000 + 35500) = $79500 LIFO Reserve 1980 Cost of goods sold 1980...
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