Question

In: Accounting

The following data are available for one of the products (i.e., baseballs) sold by Cano Company,...

The following data are available for one of the products (i.e., baseballs) sold by Cano Company, which uses a perpetual inventory system.

November

1

On hand, 10 units at $2 each

8

Sold, 6 units for $10 each

14

15

Purchased, 30 units at $3 each

Purchased, 10 units at $4 each

25

Sold, 24 units for $10 each

If the company uses the FIFO, LIFO, Weighted Average Cost method, determine the following amounts (in dollars $): i) Ending Inventory on November 30th? ii) Cost of Goods Sold for November? Show your calculations to receive full credit.

Solutions

Expert Solution

Under FIFO method, units purchased first are sold first.
Under LIFO method, units purchased at last are sold first.
Under Weighted Average method, rate per unit is calculated by divide total inventory value by total number of units.

ekkarill92 answered 1 year ago
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