Solution-Calculate the cost of goods sold and ending

Calculate the cost of goods sold and ending inventory

Reference no: EM133150015

Question - Zion Incorporation had the following records on a product called The Fidget in 2022.

		Units	Unit Cost
January 1	Opening Inventory	120	$25
March 15	Purchase	100	$29
June 29	Purchase	500	$31
July 3	Purchase	350	$34
November 12	Purchase	450	$36

By the year end, Zion Inc. had sold 1,350 fidgets.

a) Calculate the cost of goods sold and ending inventory, using the FIFO method of inventory valuation.

b) Calculate the cost of goods sold and ending inventory, using the LIFO method of inventory valuation.

c) Calculate the cost of goods sold and ending inventory, using the average cost method (AVCO) of inventory valuation.

Reference no: EM133150015

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Calculate the cost of goods sold and ending inventory

Reference no: EM133150015

Reference no: EM133150015

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