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1) Transactions for the month of July for Shelly's Bookstore were as follows: Purchases July 1 8 (balance) 500 @ $7.30 1,300 @ $7.40 22 700 @ $7.60 250 @ $7.75 July 3 12 225 Sales 350 @ $9.50 900 @ 9.75 800 @ 10.00 30 Assuming that perpetual inventory records are kept in dollars and units, determine the ending inventory and cost of goods sold using a. FIFO. b. LIFO. c. Periodic Weighted Average cost (round unit prices to the nearest cent).

1) Transactions for the month of July for Shelly's Bookstore were as follows: Purchases July 1 8 (balance) 500 @ $7.30 1,300 @ $7.40 22 700 @ $7.60 250 @ $7.75 July 3 12 225 Sales 350 @ $9.50 900 @ 9.75 800 @ 10.00 30 Assuming that perpetual inventory records are kept in dollars and units, determine the ending inventory and cost of goods sold using a. FIFO. b. LIFO. c. Periodic Weighted Average cost (round unit prices to the nearest cent).

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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1) Transactions for the month of July for Shelly's Bookstore were as follows: Purchases July 1 8 (balance) 500 @ $7.30 1,300 @ $7.40 22 700 @ $7.60 30 250 @ $7.75 Sales July 3 12 350 @ $9.50 900 @ 9.75 25 800 @ 10.00 Assuming that perpetual inventory records are kept in dollars and units, determine the ending inventory and cost of goods sold using a. FIFO. b. LIFO. c. Periodic Weighted Average cost (round unit prices to the nearest cent).
Transcribed Image Text:1) Transactions for the month of July for Shelly's Bookstore were as follows: Purchases July 1 8 (balance) 500 @ $7.30 1,300 @ $7.40 22 700 @ $7.60 30 250 @ $7.75 Sales July 3 12 350 @ $9.50 900 @ 9.75 25 800 @ 10.00 Assuming that perpetual inventory records are kept in dollars and units, determine the ending inventory and cost of goods sold using a. FIFO. b. LIFO. c. Periodic Weighted Average cost (round unit prices to the nearest cent).
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