Sylvester has a bird shop that sells canaries. Sylvester maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2021. Cost per Unit $ 28 Date Transactions Units Total Cost January 1 April 14 August 22 October 29 Beginning inventory Purchase 37 $1,036 2,040 3,776 2,822 68 30 Purchase 118 32 Purchase 83 34 306 $9,674 Jan. 1-Dec. 31 Sales ($48 each) 272 Sylvester uses a periodic inventory system and believes there are 34 birds remaining in ending inventory. However, Sylvester neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 24 birds in ending inventory. Sylvester is not aware of the lost canaries Required: 1. What amount will Sylvester calculate for ending inventory and cost of goods sold using FIFO, assuming he erroneously believes 34 canaries remain in ending inventory? Ending inventory Çost of goods sold
Sylvester has a bird shop that sells canaries. Sylvester maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2021. Cost per Unit $ 28 Date Transactions Units Total Cost January 1 April 14 August 22 October 29 Beginning inventory Purchase 37 $1,036 2,040 3,776 2,822 68 30 Purchase 118 32 Purchase 83 34 306 $9,674 Jan. 1-Dec. 31 Sales ($48 each) 272 Sylvester uses a periodic inventory system and believes there are 34 birds remaining in ending inventory. However, Sylvester neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 24 birds in ending inventory. Sylvester is not aware of the lost canaries Required: 1. What amount will Sylvester calculate for ending inventory and cost of goods sold using FIFO, assuming he erroneously believes 34 canaries remain in ending inventory? Ending inventory Çost of goods sold
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....
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