Question

5. [10%] How much are COGS and ending inventory under the average method? Date Explanation Units Unit Costs Jan. 1 Beginning Inventory 100 $10 Apr. 15 Purchase 100 $12 Aug. 24 Purchase 200 $13 Nov. 27 Purchase 300 $15 Dec. 31 Ending Inventory 400 Begging invintor + Net purchase - Ending invintus

          5. [10%] How much are COGS and ending inventory under the average method?
Date
Explanation
Units
Unit Costs
Jan. 1
Beginning Inventory
100
$10
Apr. 15
Purchase
100
$12
Aug. 24
Purchase
200
$13
Nov. 27
Purchase
300
$15
Dec. 31
Ending Inventory
400
Begging invintor + Net purchase - Ending invintus

5. [10%] How much are COGS and ending inventory under the average method?
Date
Explanation
Units
Unit Costs
Jan. 1
Beginning Inventory
100
10
Apr. 15
Purchase
10012
Aug. 24
Purchase
200
13
Nov. 27
Purchase
30015
Dec. 31
Ending Inventory
400
Begging invintor + Net purchase - Ending invintus

Added by Tracey A.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

Instant Answer

Solved by Expert Madhur L

07/18/2023

Step 1

Step 1: Calculate the total cost of goods available for sale - Beginning Inventory: 100 units * $10 = $1000 - April Purchase: 100 units * $12 = $1200 - August Purchase: 200 units * $13 = $2600 - November Purchase: 300 units * $15 = $4500 Total Cost of Goods Show more…

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10% How much are COGS and ending inventory under the average method? able[[Date, Explanation, Units, Unit Costs], [Jan. 1, Beginning Inventory, 100, $10], [Apr. 15, Purchase, 100, $12], [Aug. 24, Purchase, 200, $13], [Nov. 27, Purchase, 300, $15], [Dec. 31, Ending Inventory, 400]]