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Smart Tech's beginning inventory and purchases for the month of August were as follows: a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted-average cost # of Units 600 $7.00 400 $7.50 500 $8.00 300 $8.75 Cost per Unit Beginning inventory First purchase Second purchase Third purchase Number of units available for sale On hand Number of units sold Required: Calculate the total amount to be assigned to cost of goods sold and ending inventory for August 31, using each of the following methods. For the weighted-average method, round the average unit cost to two decimal places. Round all final answers to the nearest dollar. Cost of Goods Sold Ending Inventory 1,800 400 1,400 Amount $4,200 3,000 4,000 2,625 $13,825

Smart Tech's beginning inventory and purchases for the month of August were as follows: a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted-average cost # of Units 600 $7.00 400 $7.50 500 $8.00 300 $8.75 Cost per Unit Beginning inventory First purchase Second purchase Third purchase Number of units available for sale On hand Number of units sold Required: Calculate the total amount to be assigned to cost of goods sold and ending inventory for August 31, using each of the following methods. For the weighted-average method, round the average unit cost to two decimal places. Round all final answers to the nearest dollar. Cost of Goods Sold Ending Inventory 1,800 400 1,400 Amount $4,200 3,000 4,000 2,625 $13,825

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Wk 2- Practice- Ch 13 Homework 5. EX.13.05A.ALGO 6. FITB.13.64 7. FITB.13.67 8. FITB.13.70 9. FITB.13.71 10. FITB.13.72 11. FITB.13.84 12. FITB.13.65 13. FITB.13.66 14. FITB.13.68 15. FITB.13.69 16. FITB.13.73 17. FITB.13.78 18. FITB.13.82 Progress: 10/18 items Smart Tech's beginning inventory and purchases for the month of August were as follows: Beginning inventory First purchase Second purchase Third purchase Number of units available for sale On hand Number of units sold a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted-average cost Check My Work $ $ # of Units $ 600 400 500 300 1,800 400 1,400 Required: Calculate the total amount to be assigned to cost of goods sold and ending inventory for August 31, using each of the following methods. For the weighted-average method, round the average unit cost to two decimal places. Round all final answers to the nearest dollar. Cost of Goods Sold Ending Inventory Cost per Unit $7.00 $7.50 $8.00 $8.75 $ $ Amount $ $4,200 3,000 4,000 2,625 $13,825 Previous Next >
Transcribed Image Text:Wk 2- Practice- Ch 13 Homework 5. EX.13.05A.ALGO 6. FITB.13.64 7. FITB.13.67 8. FITB.13.70 9. FITB.13.71 10. FITB.13.72 11. FITB.13.84 12. FITB.13.65 13. FITB.13.66 14. FITB.13.68 15. FITB.13.69 16. FITB.13.73 17. FITB.13.78 18. FITB.13.82 Progress: 10/18 items Smart Tech's beginning inventory and purchases for the month of August were as follows: Beginning inventory First purchase Second purchase Third purchase Number of units available for sale On hand Number of units sold a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted-average cost Check My Work $ $ # of Units $ 600 400 500 300 1,800 400 1,400 Required: Calculate the total amount to be assigned to cost of goods sold and ending inventory for August 31, using each of the following methods. For the weighted-average method, round the average unit cost to two decimal places. Round all final answers to the nearest dollar. Cost of Goods Sold Ending Inventory Cost per Unit $7.00 $7.50 $8.00 $8.75 $ $ Amount $ $4,200 3,000 4,000 2,625 $13,825 Previous Next >
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