Student Name: Section: HW6#12a-Cost Flows Inventory Methods using a periodic inventory system: Instructions: Using the data below and worksheet on following silde. a. Determine the Cost of Goods Available for Sale for reams of paper for Office Outlet Inc. b. Determine the Ending Inventory and Cost of Goods Sold under each of the assumed cost flow methods-FIFO, LIFO, and Average Cost. • Sold 1,500 units and Inventory information Date Units Unit Cost Total Cost 800 5100 5,000 4.400 1200 1-Jan 100 $8.00 20-Feb 600 $9.00 5-May 12-Aug 500 $10.00 400 $11.00 8-Dec 100 $12.00 6-17 17 HW6#12b- worksheet (round average cost factor to 3 decimal places). worksheet FIFO LIFO AVERAGE COST Beginning Inventory Cost of Goods Purchased Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold 6-18 18

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Student Name:
Section:
HW6#12a-Cost Flows Inventory Methods using a periodic inventory
system:
Instructions: Using the data below and worksheet on following silde.
a. Determine the Cost of Goods Available for Sale for reams of paper
for Office Outlet Inc.
b. Determine the Ending Inventory and Cost of Goods Sold under
each of the assumed cost flow methods-FIFO, LIFO, and Average
Cost.
• Sold 1,500 units and Inventory information
Date
Units
Unit Cost
Total Cost
800
5100
5,000
4.400
1200
1-Jan
100
$8.00
20-Feb
600
$9.00
5-May
12-Aug
500
$10.00
400
$11.00
8-Dec
100
$12.00
6-17
17
HW6#12b- worksheet (round average cost factor to 3 decimal places).
worksheet
FIFO
LIFO
AVERAGE COST
Beginning Inventory
Cost of Goods Purchased
Cost of Goods Available for Sale
Ending Inventory
Cost of Goods Sold
6-18
18
Transcribed Image Text:Student Name: Section: HW6#12a-Cost Flows Inventory Methods using a periodic inventory system: Instructions: Using the data below and worksheet on following silde. a. Determine the Cost of Goods Available for Sale for reams of paper for Office Outlet Inc. b. Determine the Ending Inventory and Cost of Goods Sold under each of the assumed cost flow methods-FIFO, LIFO, and Average Cost. • Sold 1,500 units and Inventory information Date Units Unit Cost Total Cost 800 5100 5,000 4.400 1200 1-Jan 100 $8.00 20-Feb 600 $9.00 5-May 12-Aug 500 $10.00 400 $11.00 8-Dec 100 $12.00 6-17 17 HW6#12b- worksheet (round average cost factor to 3 decimal places). worksheet FIFO LIFO AVERAGE COST Beginning Inventory Cost of Goods Purchased Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold 6-18 18
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