Determine Ending Inventory
Not what you're looking for?
Smith Company had a beginning inventory of 200 units at a cost of $12 per unit on August 1. During the month, the following purchases and sales were made.
Purchases Sales
August 4 250 units at $13 August 7 150 units
August 15 350 units at $15 August 11 100 units
August 28 200 units at $14 August 17 250 units
August 24 200 units
Smith uses a periodic inventory system.
Instructions: Determine ending inventory and cost of goods sold under (a) average cost, and (b) FIFO.
(a) Average cost:
Ending inventory = $____________; cost of goods sold = $_____________.
(b) FIFO:
Ending inventory = $_____________; cost of goods sold = $____________.
Purchase this Solution
Solution Summary
Solution to your posting is provided in two different sheets in excel format with necessary computation and notes.
Purchase this Solution
Free BrainMass Quizzes
Organizational Behavior (OB)
The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.
Cost Concepts: Analyzing Costs in Managerial Accounting
This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.
Introduction to Finance
This quiz test introductory finance topics.
Basics of corporate finance
These questions will test you on your knowledge of finance.
Lean your Process
This quiz will help you understand the basic concepts of Lean.