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jonny [76]
2 years ago
14

Shawn Company had 130 units in beginning inventory at a total cost of $13,650. The company purchased 260 units at a total cost o

f $41,600. At the end of the year, Shawn had 98 units in ending inventory.
Required:
Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost.
Business
1 answer:
Katarina [22]2 years ago
3 0

Answer:

FIFO

cost of the ending inventory = $15,680

cost of goods sold  = $39,570

LIFO

cost of the ending inventory  = $10,290

cost of goods sold  = $44,960

Average Cost Method

cost of the ending inventory = $13,883.37

cost of goods sold  = $41,336.76

Explanation:

The cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost are calculated as follows :

Step 1 : Determine the Number of units sold

Number of units sold = Total units available for sale - Ending units

                                   = 390 units - 98 units

                                   = 292 units

Step 2 : Determine the Number of units in inventory

Number of units in inventory = 98 units (given)

Step 3 : Use the appropriate principles to calculate required values

<u>FIFO</u>

cost of the ending inventory = 98 x $160 = $15,680

cost of goods sold = 130 units x $105 + 162 units x $160 = $39,570

<u>LIFO</u>

cost of the ending inventory = 98 x $105 = $10,290

cost of goods sold = 260 units x $160 + 32 units x $105 = $44,960

<u>Average Cost Method</u>

Unit Cost = ($13,650 + $41,600) ÷ 390 units = $141.667

therefore,

cost of the ending inventory = 98 x $141.667 = $13,883.37

cost of goods sold = 292 units x $141.667 = $41,336.76

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<h3>What is Staff Management?</h3>

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2 years ago
Blackberry syrup can be sold for $2.90 per​ unit, or it can be processed further into a specialty blackberry juice and then sold
Maksim231197 [3]

Answer:

The operating income would increase by $2.54 for each unit sold

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ivanzaharov [21]

<u>Explanation:</u>

I would recommend Jamie Lee to use consolidating of her debt such as the credit card bills and taking personal loans only when she has a regular income and creditworthiness. She should also be able to payback her debts quickly and on time. If the interest rates offered by the company are lower for consolidated debt then she can choose this method to reduce her interest payments.

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3 years ago
Ellcrys Corp. writes 71 checks a day for an average amount of $537 each. These checks generally clear the bank 3.75 days after t
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Answer:

Yes

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Explanation:

Yes Based on the information given this a DISBURSEMENT FLOAT

Calculation to determine the value of the float

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Now let calculate the value of the float

Value of the float =$142,977 - $137,462

Value of the float = $5,515

Therefore the Value of the float will be $5,515

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