Calculate the Cost of Goods Sold Under Each of the Following

question 17

Short Answer

Calculate the cost of goods sold under each of the following methods given the information below about purchases and sales during the year.Assume a periodic inventory system.Use four decimal places.
$$\begin{array} { l r l l } \text { April } & 1 & \text { Beginning inventory } & 60 \text { units } @ \$ 30 \\& 11 & \text { Purchases } & 80 \text { units @ } \$ 32 \\& 21 & \text { Purchases } & 30 \text { units @ } \$ 35\end{array}$$
Sales for April: 115 units
a)________ FIFO
b)________ LIFO
c)________ Weighted-average

---

Definitions:

Intrusive Parents

Parents who excessively interfere with their children's lives, often without recognizing the child's need for independence.

Teen Birth Rates

The frequency at which females aged 13-19 give birth in a specified area or population.

Developed World

A term used to describe countries with highly developed economies, advanced technological infrastructure, and high living standards.

Early Sexual Activity

Engagement in sexual behaviors at a younger age than what is typically considered average or acceptable by societal standards.