FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Shown below is activity for one of the products of Denver Office Equipment:
January 1 balance, 500 units @ $55
Purchases:
January 10: 500 units @ $60
January 20: 800 units @ $63
Sales:
January 12: 750 units
January 28: 650 units
*Do only what is required. You will lose a point or two for unnecessary answers.
1) Compute the cost of goods sold for January, assuming Denver uses FIFO and periodic inventory system.
Cost of goods sold: $
Your computations: (no credit if not shown).
2) Compute the January 31 cost of ending inventory, assuming Denver uses LIFO and periodic inventory system.
Cost of ending inventory: $
Your computations: (no credit if not shown).
3) Compute the January31 cost of ending inventory, assuming Denver uses LIFO and perpetual inventory system.
Cost of ending inventory: $
Your computations: (no credit if not shown).
4) Compute the cost of goods sold for January, assuming Denver uses average cost and perpetual inventory system.
Cost of goods sold: $
Your computations: (no credit if not shown)
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