Question
In: Accounting
On August 1st, Electronics Mart had a beginning inventory of 40 MP3 players which it purchased...
On August 1st, Electronics Mart had a beginning inventory of 40 MP3 players which it purchased for $50 each.
On August 10th, the company purchases 20 more MP3 players for $55 each. None were sold that week.
On August 15th, the company purchases 30 more MP3 players for $60 each.
Between August 16th and 31st, Electronics Mart sells 70 of the MP3 players.
a.) Calculate Electronics Mart’s Ending Inventory Balance (in dollars) at the end of August and Cost of Goods Sold through August using the FIFO Method. (show all work.)
b.) Calculate Electronics Mart’s Ending Inventory Balance (in dollars) at the end of August and Cost of Goods Sold through August using the LIFO Method. (show all work.)
c.) Calculate Electronics Mart’s Ending Inventory Balance (in dollars) at the end of August and Cost of Goods Sold through August using the Average Cost Method. (show all work.)
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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Sales (9,000 units)
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Production costs (12,000 units):
Direct
materials
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Direct
labor
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Variable
factory overhead
117,600
Fixed
factory overhead
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Production costs (23,000 units):
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labor
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selling and administrative expenses
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selling and administrative expenses
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550,400
If required, round interim per-unit calculations to...
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