Business, 05.11.2020 18:50 shelbybibb99

Based on the following information, calculate the cost of goods sold and ending inventory using FIFO, LIFO, and weighted average assuming a perpetual inventory system is in place. Beginning Balance - 90 units at $11
March 3 - Purchase 300 units for $15
April 4 - Sell 240 units for $28
June 30 - Purchase 250 units for $18
August 16 - Sell 180 units for $30

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Answer from: pebble1499

Cost of Sales :

FIFO = $ 6,030

LIFO = $6,840

Weighted Average = $6,354.60

Ending Inventory :

FIFO = $4,176

LIFO = $3,150

Weighted Average = $3,636.60

Explanation:

FIFO

This method assumes that the first inventory purchased will be the first to be sold

Cost of Goods Sold :

90 units × $11 = $990

150 units × $15 = $2,250

30 units × $18 = $540

Total = $ 6,030

Ending Inventory :

232 units × $18 = $4,176

LIFO

This method assumes that the last inventory purchased, will be the last to be sold

Cost of Sales :

240 units × $15 = $3,600

180 units × $18 = $3,240

Total = $6,840

Ending Inventory :

90 units × $11 = $ 990

60 units × $15 = $ 900

70 units × $18 = $ 1,260

Total = $3,150

Weighted Average

A new average cost per unit is calculated with every purchase made.

New Average Cost = (90 units × $11 + 300 units × $15) ÷ 390 units

= $14.08

Cost of Sale , April 4 = 240 units × $14.08

= $3,379.20

New Average Cost = (150 units × $14.08 + 250 units × $18.00) ÷ 400 units

= $16.53

Cost of Sale, Aug 16 = 180 units × $16.53

= $2,975.40

Total Cost of Sales = $3,379.20 + $2,975.40

= $6,354.60

Ending Inventory = 220 units × $16.53

= $3,636.60

Answer from: Quest

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

happy to

pls mark as brainliest

Answer from: Quest

answer; commerce clearing house;

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Based on the following information, calculate the cost of goods sold and ending inventory using FIFO...