Company ABC purchases two types of goods and resells them to the customers. One of them is food material with short expi

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Company Abc Purchases Two Types Of Goods And Resells Them To The Customers One Of Them Is Food Material With Short Expi 1 (88.46 KiB) Viewed 38 times

Company ABC purchases two types of goods and resells them to the customers. One of them is food material with short expiry dates, while the other is a chemical product that can stay longer days in the warehouse. The table below shows the inventory, purchases, and sales transactions for 2021. Food materials Number of Units Cost per Unit($) Total Cost Beginning Inventory (1-1-2021) 1,000 2 2,000 Purchases in 2021 1,000 3 3,000 Number of Units sold in 2021 1,000 1,000 Ending Inventory (31-12-2021) Chemicals Number of Units Cost per Unit ($) Total Cost Beginning Inventory (1-1-2021) 3,000 3 9,000 Purchases in 2021 2,000 3 6,000 Number of Units sold in 2021 2,000 Ending Inventory (31-12-2021) 3,000 Answer the followings (32 pts, 8 pts each) If Company uses FIFO for Food materials and LIFO for Chemicals: Total COGS on the Income Statement will be Cost of Ending Inventory on the Balance Sheet (31-December-2021) will be If Company uses LIFO for Food materials and Weighted Average for Chemicals Total COGS on the Income Statement will be . Cost of Ending Inventory on the Balance Sheet (31-December-2021) will be