Ending Inventory
Not what you're looking for?
I tried to start working on this but I am confused, is this using cost of goods equation? However I do not have the ending inventory...
Basic data regarding purchases and sales:
Date Activity Units Unit costa
2/1 Begin invent 600 1.50
2/9 Purchase 1300 1.70
2/15 purchase 1500 1.90
2/24 purchase 1800 2.05
At the end of the month the company had 1800 units on hand. Calculate:
1- cost of goods available for sale
2-what is the ending inventory under the weighted average method?
3-what is the ending inventory under the LIFO method?
4-What is the ending inventory under the FIFO method?
Purchase this Solution
Solution Summary
The solution explains the calculation of cost of goods available for sale and ending inventory under FIFO, LIFO and weighted average method
Solution Preview
The ending inventory is given. The question states that there are 1,800 units on hand at the end of the month.
1- cost of goods available for sale
The cost of goods available for sale is the total value of units available. This will be the beginning inventory + the purchases. The ...
Purchase this Solution
Free BrainMass Quizzes
Understanding the Accounting Equation
These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.
Marketing Research and Forecasting
The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.
Six Sigma for Process Improvement
A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.
Writing Business Plans
This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.
Balance Sheet
The Fundamental Classified Balance Sheet. What to know to make it easy.