Tree Seedlings has the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retall Jan. 1 Beginning inventory.. 40 units @ $2 =$ 80 Jan. 3 Sales.... 30 units @ $8 Feb. 14 Purchase.. 70 units @ $3= $210 Feb. 15 Sales.. 60 units @ $8 June 30 Purchase. 90 units @ $4 = $360 Nov. 6 Sales.. 86 units @ $8 Nov. 19 Purchase.. 20 units @ $5 = $100 %3D Totals 220 units $750 176 units

Tree Seedlings has the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retall Jan. 1 Beginning inventory.. 40 units @ $2 =$ 80 Jan. 3 Sales.... 30 units @ $8 Feb. 14 Purchase.. 70 units @ $3= $210 Feb. 15 Sales.. 60 units @ $8 June 30 Purchase. 90 units @ $4 = $360 Nov. 6 Sales.. 86 units @ $8 Nov. 19 Purchase.. 20 units @ $5 = $100 %3D Totals 220 units $750 176 units

Name: Required The company uses a perpetual inventory system. Determine the
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Description: Required The company uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. (c) Compute the gross margin for each method. Tree Seedlings has the following current-yea

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...

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