Acc557 Financial Accounting: P6-3A Milo Company had a beginning inventory of 400 units
Acc557 Financial Accounting Problem 6-3A Milo Company had a beginning inventory of 400 units of Product Kimbo at a cost of $8 per unit. During the year, purchases were: 20-Feb 300 @ $9 12-Aug 600 @ $11 5-May 500 @ $10 8-Dec 200 @ $12 Milo Company uses a periodic inventory system. Sales totaled 1,500 units. Instructions: (a) Determine the cost of goods available for sale. (b) Calculate the weighted-average unit cost. (Round answer to 2 decimal places, e.g. $2.25.) (c) Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. $2,120.) (d) Which cost flow method results in (1) the lowest inventory amount for the balance sheet, and (2) the lowest cost of goods sold for the income statement?
You'll get 1 file (11.3KB)