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1/1 1/20 7/25 10/20 1 Beginning Inventory Purchase Purchase Purchase 2 Units 130 650 130 390 1,300 Unit Cost $4 $5 $7 $8 Total Cost $520 3,250 A physical count of inventory on December 31 revealed that there were 455 units on hand. Answer the following independent questions. 910 3,120 $7,800 Assume that the company uses the FIFO method. The cost of the ending inventory at December 31 is Assume that the company uses the average-cost method. The cost of the ending inventory on December 31 is Assume that the company uses the LIFO method. The cost of the ending inventory on December 31 is $ $

1/1 1/20 7/25 10/20 1 Beginning Inventory Purchase Purchase Purchase 2 Units 130 650 130 390 1,300 Unit Cost $4 $5 $7 $8 Total Cost $520 3,250 A physical count of inventory on December 31 revealed that there were 455 units on hand. Answer the following independent questions. 910 3,120 $7,800 Assume that the company uses the FIFO method. The cost of the ending inventory at December 31 is Assume that the company uses the average-cost method. The cost of the ending inventory on December 31 is Assume that the company uses the LIFO method. The cost of the ending inventory on December 31 is $ $

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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Suppose that Old Navy uses the periodic inventory system and had the following inventory mag 1/20 7/25 10/20 1 2 1 4.(a) Beginning Inventory Purchase Purchase Purchase 4. (b) Units Unit Cost 130 $4 650 $5 $7 $8 130 390 1,300 A physical count of inventory on December 31 revealed that there were 455 units on hand. Answer the following independent questions. Total Cost $520 3,250 910 3,120 $7,800 Assume that the company uses the FIFO method. The cost of the ending inventory at December 31 is Assume that the company uses the average-cost method. The cost of the ending inventory on December 31 is Assume that the company uses the LIFO method. The cost of the ending inventory on December 31 is Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method Would income have been greater or less? S $ $
Transcribed Image Text:Suppose that Old Navy uses the periodic inventory system and had the following inventory mag 1/20 7/25 10/20 1 2 1 4.(a) Beginning Inventory Purchase Purchase Purchase 4. (b) Units Unit Cost 130 $4 650 $5 $7 $8 130 390 1,300 A physical count of inventory on December 31 revealed that there were 455 units on hand. Answer the following independent questions. Total Cost $520 3,250 910 3,120 $7,800 Assume that the company uses the FIFO method. The cost of the ending inventory at December 31 is Assume that the company uses the average-cost method. The cost of the ending inventory on December 31 is Assume that the company uses the LIFO method. The cost of the ending inventory on December 31 is Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method Would income have been greater or less? S $ $
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