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A company purchased merchandise to be resold, By using the FIFO method answer the questions (1-4) Description Units Cost per unit Total cost Beginning inventory 25 14 $ 350 $ Purcbase 15 15$ 225$ Purchase 28 10 $ 280 S 1- The total units equal
A company purchased merchandise to be resold, By using the FIFO method answer the questions (1-4) Description Units Cost per unit Total cost Beginning inventory 25 14 $ 350 $ Purcbase 15 15$ 225$ Purchase 28 10 $ 280 S 1- The total units equal .68... 2-the cost of goods available for sale equal......855 S.... 3- The cost of goods sold of (50 units ) equal....... 4- the Ending inventory cost of ( 28 units) equal.
Expert Solution
| Description | Units | Cost per unit($) | Total cost($) |
| Beginning Inventory | 25 | 14 | 350 |
| Purchase | 15 | 15 | 225 |
| Purchase | 28 | 10 | 280 |
| Total | 68 | 855 |
1. Total units = 68
2.Cost of goods sold vailable for sale = $855
3. The cost of goods sold of 50 units :
(25 × $14) + (15 × $15) + (10 × $10) = $675
The ending inventory of 18 units :
18 × $10 =$180
Cost of goods sold of 40 units :
(25 × $14) + (15 × 15) = $575
4. The ending inventory of 28 units :
28 × $10= $280
All the calculations are done keeping in mind the FIFO method.
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