Green Co. sells one product purchased from various suppliers. Green records and reports inventory using the...
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Green Co. sells one product purchased from various suppliers. Green records and reports inventory using the LIFO periodic method. It records cash discounts using the gross method. At the end of Year 20X6, Green estimated the following per unit amounts: $10.00 Replacement cost 10.80 Net realizable value (NRV) Normal profit margin 1.00 Historical cost-beginning inventory on 1/1/20X6 10.20 Green reports losses from write-downs of inventory to market directly in cost of goods sold. The inventory on January 1, 20X6, consisted of 8,000 units. The financial accounting department is doing a cost of goods sold analysis based on a partial trial balance and the available inventory purchase receipts. Determine the amount for each item in the cost of goods sold calculation at December 31, Year 20X6. Enter the appropriate amounts in the designated cells below. Enter all amounts as positive numbers. Item Cost 1. Beginning inventory 123 2. Purchases 123 3. Purchase discounts 123 4. Freight-in 123 5. Goods available for sale 123 6. Ending inventory 123 7. Cost of goods sold 123 Green Co. sells one product purchased from various suppliers. Green records and reports inventory using the LIFO periodic method. It records cash discounts using the gross method. At the end of Year 20X6, Green estimated the following per unit amounts: $10.00 Replacement cost 10.80 Net realizable value (NRV) Normal profit margin 1.00 Historical cost-beginning inventory on 1/1/20X6 10.20 Green reports losses from write-downs of inventory to market directly in cost of goods sold. The inventory on January 1, 20X6, consisted of 8,000 units. The financial accounting department is doing a cost of goods sold analysis based on a partial trial balance and the available inventory purchase receipts. Determine the amount for each item in the cost of goods sold calculation at December 31, Year 20X6. Enter the appropriate amounts in the designated cells below. Enter all amounts as positive numbers. Item Cost 1. Beginning inventory 123 2. Purchases 123 3. Purchase discounts 123 4. Freight-in 123 5. Goods available for sale 123 6. Ending inventory 123 7. Cost of goods sold 123
Expert Answer:
Answer rating: 100% (QA)
Item 81600 1 Beginning inventory 462700 2 Purchases 20000 3 Purchase discounts 7000 4 Freightin 5313... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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