Date Jan. 1 Mar. 12 Sep. 17 Jan. 1-Dec. 31 Transaction to Beginning inventory Purchase Purchase Sales Units 120 90 60 270 170 all Unit Cost $21 16 9 Total Cost $2,520 1,440 540 $4,500 Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. 2. Using LIFO, calculate ending inventory and cost of goods sold. 3. Because of the increasing popularity of electronic video games, Parker Games continues to see a decline in the demand for board games. Sales prices have decreased by over 50% during the year. At the end of the year, Parker estimates the net realizable value of the 100 units of unsold inventory to be $500. Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO. Record any necessary adiusting entry.

Date Jan. 1 Mar. 12 Sep. 17 Jan. 1-Dec. 31 Transaction to Beginning inventory Purchase Purchase Sales Units 120 90 60 270 170 all Unit Cost $21 16 9 Total Cost $2,520 1,440 540 $4,500 Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. 2. Using LIFO, calculate ending inventory and cost of goods sold. 3. Because of the increasing popularity of electronic video games, Parker Games continues to see a decline in the demand for board games. Sales prices have decreased by over 50% during the year. At the end of the year, Parker estimates the net realizable value of the 100 units of unsold inventory to be $500. Determine the amount of ending inventory to report using lower of cost and net realizable value under FIFO. Record any necessary adiusting entry.

Name: DateJan.Mar. 12Sep. 17Jan. 1-Dec. 31y lupy yo dinom sTransactionBegin
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Description: DateJan.Mar. 12Sep. 17Jan. 1-Dec. 31y lupy yo dinom sTransactionBeginning inventoryPurchasePurchaseSalesUnitsp12090 de60270170Unit Cost$21169sholTotal Cost$2,5201,440540$4,500Required:1. Using FIFO, calculate ending inventory and 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

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