Date January 1 January 3 February 14. Activities Beginning inventory Sales Purchase February 15 June 30...

 

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Date January 1 January 3 February 14. Activities Beginning inventory Sales Purchase February 15 June 30 Sales November 6 November 19 Purchase Sales Purchase Totals Units Acquired at Cost Units Sold at Retail 190 units @ $2 = $ 380 122 units @ $ 8 300 units @ $3 $900 210 units @ $ 8 240 units @$4 $ 960 176 units @ $ 8 80 units 810 units @ $5 $ 400 508 units 2,640 The company uses a periodic inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for each method. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. Periodic Inventory System Ending Inventory Cost of Goods Sold FIFO Date January 1 January 3 February 14. Activities Beginning inventory Sales Purchase February 15 June 30 Sales November 6 November 19 Purchase Sales Purchase Totals Units Acquired at Cost Units Sold at Retail 190 units @ $2 = $ 380 122 units @ $ 8 300 units @ $3 $900 210 units @ $ 8 240 units @$4 $ 960 176 units @ $ 8 80 units 810 units @ $5 $ 400 508 units 2,640 The company uses a periodic inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for each method. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. Periodic Inventory System Ending Inventory Cost of Goods Sold FIFO

Answer rating: 100% (QA)

Required A Cost Assigned to Ending Inventory222units 4 80unit... View the full answer