bute the amount of ending inventory and cost of goods sold at December 31, under Average cost, First-in, first-out, Last-in irst-out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected two- ifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from he remainder of the beginning inventory, with the balance from the purchase of May 1. Complete this question by entering your answers in the tabs below. Req A Req B and C Compute the amount of ending inventory and cost of goods sold at December 31 under Average cost, First-in, first-out, Last- in, first-out, Specific identification of the inventory costing methods. For Specific identification, assume that the first sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Show lessA Average Cost First-In, First- Out Last-In, First- Out Specific Identification Ending inventory Cost of goods sold

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Topic Video
Question
Required:
a. Compute the amount of goods available for sale.
b. & c. Compute the amount of ending inventory and cost of goods sold at December 31, under Average cost, First-in, first-out, Last-in,
first-out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected two-
fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from
the remainder of the beginning inventory, with the balance from the purchase of May 1.
Complete this question by entering your answers in the tabs below.
Req A
Req B and C
Compute the amount of ending inventory and cost of goods sold at December 31 under Average cost, First-in, first-out, Last-
in, first-out, Specific identification of the inventory costing methods. For Specific identification, assume that the first sale was
selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second
sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. (Do not round
intermediate calculations. Round your answers to the nearest whole dollar amount.)
Show less A
First-In, First-
Out
Last-In, First-
Out
Specific
Identification
Average Cost
Ending inventory
Cost of goods sold
Transcribed Image Text:Required: a. Compute the amount of goods available for sale. b. & c. Compute the amount of ending inventory and cost of goods sold at December 31, under Average cost, First-in, first-out, Last-in, first-out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected two- fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. Complete this question by entering your answers in the tabs below. Req A Req B and C Compute the amount of ending inventory and cost of goods sold at December 31 under Average cost, First-in, first-out, Last- in, first-out, Specific identification of the inventory costing methods. For Specific identification, assume that the first sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Show less A First-In, First- Out Last-In, First- Out Specific Identification Average Cost Ending inventory Cost of goods sold
Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting
records for the most popular item in inventory showed the following:
Transactions
Units
330
Unit Cost
$4.00
Beginning inventory, January 1
Transactions during the year:
Purchase, January 30
b.
230
390
(90)
(630)
2.70
5.00
a.
Purchase, May 1
Sale ($6 each)
Sale ($6 each)
c.
d.
Transcribed Image Text:Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Transactions Units 330 Unit Cost $4.00 Beginning inventory, January 1 Transactions during the year: Purchase, January 30 b. 230 390 (90) (630) 2.70 5.00 a. Purchase, May 1 Sale ($6 each) Sale ($6 each) c. d.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education