Required information [The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals FIFO Required A Required B Required C Periodic Inventory System Required A Required B Complete this question by entering your answers in the tabs below. Required C Required A Required B Required C Compute the gross profit for each method. FIFO $ Units Acquired at Cost 170 units @ $2 = 264 units 0 $ 220 units Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Ending Cost of Goods Sold Inventory LIFO 72 units 726 units The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. 0 @$3 = $340 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Cost of Periodic Inventory System Ending Inventory Goods Sold LIFO $ 792 @ $4 = $ 880 @$5= $360 2,372 Units Sold at Retail 114 units 190 units 164 units 468 units @ $8 @ $8 @ $8
Required information [The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals FIFO Required A Required B Required C Periodic Inventory System Required A Required B Complete this question by entering your answers in the tabs below. Required C Required A Required B Required C Compute the gross profit for each method. FIFO $ Units Acquired at Cost 170 units @ $2 = 264 units 0 $ 220 units Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Ending Cost of Goods Sold Inventory LIFO 72 units 726 units The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. 0 @$3 = $340 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Cost of Periodic Inventory System Ending Inventory Goods Sold LIFO $ 792 @ $4 = $ 880 @$5= $360 2,372 Units Sold at Retail 114 units 190 units 164 units 468 units @ $8 @ $8 @ $8
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 44E: Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual...
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Question
![Required information
[The following information applies to the questions displayed below.]
Tree Seedlings has the following current-year purchases and sales for its only product.
Date
January 1
January 3
February 14
February 15
June 30
November 6
November 19
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Sales
Purchase
Totals
FIFO
Required A Required B Required C
Periodic Inventory System
Required A Required B
Complete this question by entering your answers in the tabs below.
Required C
Required A Required B Required C
Compute the gross profit for each method.
FIFO
$
Units Acquired at Cost
170 units
@ $2 =
264 units
0 $
220 units
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
Ending
Cost of
Goods Sold
Inventory
LIFO
72 units
726 units
The company uses a periodic inventory system.
a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
c. Compute the gross profit for each method.
0
@$3 =
$340
Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
Cost of
Periodic Inventory System Ending Inventory Goods Sold
LIFO
$ 792
@ $4 =
$ 880
@$5= $360
2,372
Units Sold at Retail
114 units
190 units
164 units
468 units
@ $8
@ $8
@ $8](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0260a47b-b2f8-4509-aab7-b645b5419e3a%2F38353d65-16f4-4695-963d-ae629ead08b2%2Ffglttvd_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Tree Seedlings has the following current-year purchases and sales for its only product.
Date
January 1
January 3
February 14
February 15
June 30
November 6
November 19
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Sales
Purchase
Totals
FIFO
Required A Required B Required C
Periodic Inventory System
Required A Required B
Complete this question by entering your answers in the tabs below.
Required C
Required A Required B Required C
Compute the gross profit for each method.
FIFO
$
Units Acquired at Cost
170 units
@ $2 =
264 units
0 $
220 units
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
Ending
Cost of
Goods Sold
Inventory
LIFO
72 units
726 units
The company uses a periodic inventory system.
a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
c. Compute the gross profit for each method.
0
@$3 =
$340
Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
Cost of
Periodic Inventory System Ending Inventory Goods Sold
LIFO
$ 792
@ $4 =
$ 880
@$5= $360
2,372
Units Sold at Retail
114 units
190 units
164 units
468 units
@ $8
@ $8
@ $8
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