FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its
ending inventory consists of 72 units-56 units from the January 6 purchase and 16 units from the January 25 purchase.
January 1 Beginning inventory
January 6
Purchase
January 17
Purchase
January 25
Purchase
Totals
165 units@ $4.00
334 units @ $3.50
570 units @ $3.10
28 units @ $2.60
1,097 units
=
$ 660.00
1,169.00
1,767.00
72.80
$
3,668.80
(a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following.
(e) Which method yields the lowest net income?
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Transcribed Image Text:Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 72 units-56 units from the January 6 purchase and 16 units from the January 25 purchase. January 1 Beginning inventory January 6 Purchase January 17 Purchase January 25 Purchase Totals 165 units@ $4.00 334 units @ $3.50 570 units @ $3.10 28 units @ $2.60 1,097 units = $ 660.00 1,169.00 1,767.00 72.80 $ 3,668.80 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the lowest net income?
Complete this question by entering your answers in the tabs below.
Req A to D
Req E
Determine the cost assigned to ending inventory and to cost of goods sold for the following.
calculations and round your answers to nearest whole dollar.)
Cost of Goods Sold
(a) Specific identification
(b) Weighted average
(c) FIFO
(d) LIFO
Ending
Inventory
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Transcribed Image Text:Complete this question by entering your answers in the tabs below. Req A to D Req E Determine the cost assigned to ending inventory and to cost of goods sold for the following. calculations and round your answers to nearest whole dollar.) Cost of Goods Sold (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO Ending Inventory
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