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Calculate the final preparation A using the LCNRV method

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Reference no: EM132725668

Question - The following is information about product A at the end of 2019:

Date Description Qty

1-Dec-19 Starting inventory 80 Cost: 25

8-Dec-19 Sales 40 Price: 33

10-Dec-19 Purchase 50 Cost: 27

12-Dec-19 Purchase returns 10 Cost: 27

17-Dec- 19 Sales 70 Price: 33

19-Dec- 19 Sales returns 10 Price: 33

21-Dec- 19 Purchase 80 Cost: 30

The cost to sell product A is $ 3 per unit and the cost to complete product A order ready for sale is $ 7 per unit.

Instructions -

A. Calculate COGS, ending inventory, and gross profit using the FIFO method immortal (for a fee)!

b. Calculate the final preparation A using the LCNRV method.

c. Using the answer to (b), prepare the required journal entries by the date 31-Dec-2019. Use the following methods: (i) COGS; and (ii) Losses using the allowance method?

Reference no: EM132725668

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