Provide your answers in the space given below by entering numbers only (e.g. 10000 or -10000). Do not round intermediate numbers and round the final results to the nearest dollar. ABC Co. has the...


Provide your answers in the space given below by entering numbers only (e.g. 10000 or -10000). Do not round intermediate<br>numbers and round the final results to the nearest dollar.<br>ABC Co. has the following information in 2020:<br>2020<br>Units<br>Unit cost<br>Total Cost<br>Jan 1<br>Beginning Inventory<br>22<br>$56<br>$1232<br>Purchases:<br>Mar 28<br>Purchase<br>28<br>63<br>1764<br>Aug 22<br>Purchase<br>32<br>72<br>2304<br>Oct 14<br>Purchase<br>27<br>78<br>2106<br>Goods Available for Sale<br>109<br>$7406<br>Sales:<br>Unit Sales Price<br>Revenue<br>May 1<br>Sales<br>38<br>$100<br>$3800<br>Oct 28<br>Sales<br>28<br>$100<br>$2800<br>Total Revenue<br>66<br>$6600<br>Required:<br>Calculate the amount of ending inventory and cost of goods sold for ABC Co. under the following assumptions.<br>a. Using the Weighted Average inventory costing methods, assuming the company uses the periodic system;<br>Weight Average Cost per Unit:<br>$<br>Ending Inventory:<br>$<br>Cost of Goods Sold<br>$<br>b. Using the FIFO inventory costing methods, assuming the company uses the periodic system;<br>Ending Inventory:<br>$<br>Cost of Goods Sold:<br>$<br>c. Using the FIFO inventory costing method, assuming the company uses the perpetual system;<br>Cost of Goods Sold:<br>$<br>Ending Inventory:<br>$<br>d. Using the Weighted Average inventory costing method, assuming the company uses the perpetual system.<br>Cost of Goods Sold:<br>$<br>Ending Inventory:<br>$<br>

Extracted text: Provide your answers in the space given below by entering numbers only (e.g. 10000 or -10000). Do not round intermediate numbers and round the final results to the nearest dollar. ABC Co. has the following information in 2020: 2020 Units Unit cost Total Cost Jan 1 Beginning Inventory 22 $56 $1232 Purchases: Mar 28 Purchase 28 63 1764 Aug 22 Purchase 32 72 2304 Oct 14 Purchase 27 78 2106 Goods Available for Sale 109 $7406 Sales: Unit Sales Price Revenue May 1 Sales 38 $100 $3800 Oct 28 Sales 28 $100 $2800 Total Revenue 66 $6600 Required: Calculate the amount of ending inventory and cost of goods sold for ABC Co. under the following assumptions. a. Using the Weighted Average inventory costing methods, assuming the company uses the periodic system; Weight Average Cost per Unit: $ Ending Inventory: $ Cost of Goods Sold $ b. Using the FIFO inventory costing methods, assuming the company uses the periodic system; Ending Inventory: $ Cost of Goods Sold: $ c. Using the FIFO inventory costing method, assuming the company uses the perpetual system; Cost of Goods Sold: $ Ending Inventory: $ d. Using the Weighted Average inventory costing method, assuming the company uses the perpetual system. Cost of Goods Sold: $ Ending Inventory: $

Jun 09, 2022
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