Andrew Company presents the following data about its inventory for the current year. Units Cost per unit Total Cost Janu

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

Andrew Company presents the following data about its inventory for the current year. Units Cost per unit Total Cost Janu

Post by answerhappygod »

Andrew Company presents the following data about its inventoryfor the current year. Units Cost per unit Total Cost January 1,2015 1,000 $ 100 $ 100,000 April 9, 2015 8,000 102 816,000 July 27,2015 9,000 103 927,000 October 17, 2015 7,000 105 735,000 Total25,000 2,578,000 During the year, 23,800 units were sold for $ 250each (Total Sales Revenues = $ 5,950,000.
Calculate the cost of goods sold under FIFO. Calculatethe cost of goods sold under LIFO. Calculate the cost of goods soldunder the average cost method.
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Post Reply