Homework Help is Here – Start Your Trial Now!
Business
Accounting
Inventory Purchase Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan, 1 40 units at $96 Mar. 10 70 units at $104 Aug 30 Purchase 20 units at $112 Dec. 12 Purchase 70 units at $114 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Show Me How Determine the ending inventory cost and the cost of goods sold by three methods. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar. Cost of Ending Inventory and Cost of Goods Sold Ending Inventory 9.000 9,120 X 8.316 Inventory Method First-in, first-out (FIFO) Last-in, first-out (LIFO) weighted average cost Cost of Goods Sold 12,30✔ 4,200 X 12,304 TO My W Note that this exercise uses the periodic inventory system. FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory costs for the period are calculated by taking the number of items remaining in the physical inventory times the most recent purchase price. If the number of items in last purchase layer is less than the number in ending inventory, the balance of the ending inventory items must be recorded at the second most recent purchase cost. The cost of merchandise sold for the period can be calculated by subtracting the ending inventory from the total cost of goods available for sale

Inventory Purchase Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan, 1 40 units at $96 Mar. 10 70 units at $104 Aug 30 Purchase 20 units at $112 Dec. 12 Purchase 70 units at $114 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Show Me How Determine the ending inventory cost and the cost of goods sold by three methods. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar. Cost of Ending Inventory and Cost of Goods Sold Ending Inventory 9.000 9,120 X 8.316 Inventory Method First-in, first-out (FIFO) Last-in, first-out (LIFO) weighted average cost Cost of Goods Sold 12,30✔ 4,200 X 12,304 TO My W Note that this exercise uses the periodic inventory system. FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory costs for the period are calculated by taking the number of items remaining in the physical inventory times the most recent purchase price. If the number of items in last purchase layer is less than the number in ending inventory, the balance of the ending inventory items must be recorded at the second most recent purchase cost. The cost of merchandise sold for the period can be calculated by subtracting the ending inventory from the total cost of goods available for sale

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter6: Receivables And Inventories
Section: Chapter Questions
Problem 6.4.1P: Inventory by three cost flow methods Details regarding the inventory of appliances on January 1,...
See similar textbooks
icon
Related questions
Topic Video
Question
Please help me dont give image in solution thanks
q'd) Homework LGO LGO XCEL ALGO EXCEL ALGO ALGO EXCEL ALGO ^ eBook Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Inventory Jan, 1 Mar. 10 Purchase Aug. 30 Purchase Dec. 12 Purchase 40 units at 596 70 units at $104 20 units at $112 70 units at $114 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar. Show Me How Cost of Ending Inventory and Cost of Goods Sold Ending Inventory Inventory Method First-in, first-out (FIFO) Last-in, first-out (LIFO) weighted average cost Foodhack 9,120 X 8,336 Cost of Goods Sold 12,240 ✓ 9,240 12,04 ✔ TC My W Note that this exercise uses the periodic inventory system. FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory costs for the period are calculated by taking the number of items remaining in the physical inventory times the most recent purchase price. If the number of items in last purchase layer is less than the number in ending inventory, the balance of the ending inventory items must be recorded at the second most recent purchase cost. The cost of merchandise sold for the period can be calculated by subtracting the ending inventory from the total cost of goods availate for sale
Transcribed Image Text:q'd) Homework LGO LGO XCEL ALGO EXCEL ALGO ALGO EXCEL ALGO ^ eBook Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Inventory Jan, 1 Mar. 10 Purchase Aug. 30 Purchase Dec. 12 Purchase 40 units at 596 70 units at $104 20 units at $112 70 units at $114 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar. Show Me How Cost of Ending Inventory and Cost of Goods Sold Ending Inventory Inventory Method First-in, first-out (FIFO) Last-in, first-out (LIFO) weighted average cost Foodhack 9,120 X 8,336 Cost of Goods Sold 12,240 ✓ 9,240 12,04 ✔ TC My W Note that this exercise uses the periodic inventory system. FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory costs for the period are calculated by taking the number of items remaining in the physical inventory times the most recent purchase price. If the number of items in last purchase layer is less than the number in ending inventory, the balance of the ending inventory items must be recorded at the second most recent purchase cost. The cost of merchandise sold for the period can be calculated by subtracting the ending inventory from the total cost of goods availate for sale
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 6 steps

SEE SOLUTIONCheck out a sample Q&A here
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
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS