Periodic and Perpetual Systems-Calculating Ending Inventory and Cost of Sales Using FIFO and LIFOThe inventory records of Cyrus Inc. showed the following data for its merchandise inventory.DateUnits Unit CostJan. 1 Inventory 42 $38.00Jan. 3 Purchase63 $40.00Jan. 7 Sale70Jan. 10 Purchase70 $41.60Jan. 20 Sale70Jan. 30 Purchase 70 $43.20Compute cost of goods sold and ending inventory for the month ending June 30 using:a. FIFO (periodic inventory system).b. LIFO (periodic inventory system).c. FIFO (perpetual inventory system).d. LIFO (perpetual inventory system).a. FIFO (periodic) b. LIFO (periodic) c. FIFO (perpetual) d. LIFO (perpetual)b. LIFO (periodic inventory system).•Note: Do not use negative signs with any of your answers.LIFO Method (Periodic): Computation of Ending InventoryUnits Cost per UnitTotal CostJan. 1Jan. 3Jan. 10Jan. 300000Ending InventoryCost of goods sold$38.00 $$40.00 $$41.60 $$43.20 $$LIFO (periodic)Cost of goods available for sale $$00000000

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Description: Periodic and Perpetual Systems-Calculating Ending Inventory and Cost of Sales Using FIFO and LIFOThe inventory records of Cyrus Inc. showed the following data for its merchandise inventory.DateUnits Unit CostJan. 1 Inventory 42 $38.00Jan. 3 Purchase

Using LIFO periodic, it is assumed that all the newer inventory is sold out. The oldest inventory is…

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Periodic and Perpetual Systems-Calculating Ending Inventory and Cost of Sales Using FIFO and LIFO The inventory records of Cyrus Inc. showed the following data for its merchandise inventory. Date Units Unit Cost Jan. 1 Inventory 42 $38.00 Jan. 3 Purchase 63 $40.00 Jan. 7 Sale 70 Jan. 10 Purchase 70 Jan. 20 Sale 70 Jan. 30 Purchase 70 $43.20 Compute cost of goods sold and ending inventory for the month ending June 30 using: a. FIFO (periodic inventory system). b. LIFO (periodic inventory system). $41.60 c. FIFO (perpetual inventory system). d. LIFO (perpetual inventory system). a. FIFO (periodic) b. LIFO (periodic) b. LIFO (periodic inventory system). •Note: Do not use negative signs with any of your answers. Jan. 1 Jan. 3 Jan. 10 Jan. 30 LIFO Method (Periodic): Computation of Ending Inventory Units Cost per Unit Total Cost 0 0 0 0 $38.00 $ $40.00 $ $41.60 $ $43.20 $ $ LIFO (periodic) Cost of goods available for sale $ Ending Inventory Cost of goods sold c. FIFO (perpetual) d. LIFO (perpetual) $ 0 0 0 0 0 0 0 0

Periodic and Perpetual Systems-Calculating Ending Inventory and Cost of Sales Using FIFO and LIFO The inventory records of Cyrus Inc. showed the following data for its merchandise inventory. Date Units Unit Cost Jan. 1 Inventory 42 $38.00 Jan. 3 Purchase 63 $40.00 Jan. 7 Sale 70 Jan. 10 Purchase 70 Jan. 20 Sale 70 Jan. 30 Purchase 70 $43.20 Compute cost of goods sold and ending inventory for the month ending June 30 using: a. FIFO (periodic inventory system). b. LIFO (periodic inventory system). $41.60 c. FIFO (perpetual inventory system). d. LIFO (perpetual inventory system). a. FIFO (periodic) b. LIFO (periodic) b. LIFO (periodic inventory system). •Note: Do not use negative signs with any of your answers. Jan. 1 Jan. 3 Jan. 10 Jan. 30 LIFO Method (Periodic): Computation of Ending Inventory Units Cost per Unit Total Cost 0 0 0 0 $38.00 $ $40.00 $ $41.60 $ $43.20 $ $ LIFO (periodic) Cost of goods available for sale $ Ending Inventory Cost of goods sold c. FIFO (perpetual) d. LIFO (perpetual) $ 0 0 0 0 0 0 0 0

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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