Problem 6: (2 points per box, 18 points) Periodic Inventory Transaction Beg. Inv Date Jan April...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Problem 6: (2 points per box, 18 points) Periodic Inventory Transaction Beg. Inv Date Jan April Sept. Dec. Sales: Date Feb June Nov FIFO LIFO Qty 5 8 Purchase Purchase Purchase 11 Weighted Average Sales Price $ 225 each $ 240 each $250 each Required: Assuming the periodic inventory system, calculate all the following for FIFO, LIFO, and Weighted Average. Place your answers in the spaces provided. Clearly mark all your work. Place your final answers in the appropriate boxes. Answers for Periodic System: Cost of Goods Available Unit Qty 8 10 10 11 Ending Inventory Total Price $160 150 140 130 Cost $ 1,280 1,500 1,400 1,430 Cost of Goods Sold Problem 6: (2 points per box, 18 points) Periodic Inventory Transaction Beg. Inv Date Jan April Sept. Dec. Sales: Date Feb June Nov FIFO LIFO Qty 5 8 Purchase Purchase Purchase 11 Weighted Average Sales Price $ 225 each $ 240 each $250 each Required: Assuming the periodic inventory system, calculate all the following for FIFO, LIFO, and Weighted Average. Place your answers in the spaces provided. Clearly mark all your work. Place your final answers in the appropriate boxes. Answers for Periodic System: Cost of Goods Available Unit Qty 8 10 10 11 Ending Inventory Total Price $160 150 140 130 Cost $ 1,280 1,500 1,400 1,430 Cost of Goods Sold
Expert Answer:
Answer rating: 100% (QA)
FIFO Beginning inventory 10 units at 150 per unit 1500 Purchases Jan 150 units at 160 per unit 24000 Sept 140 units at 140 per unit 19600 Dec 130 unit... View the full answer
Related Book For
Accounting
ISBN: 978-1337899451
27th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Posted Date:
Students also viewed these accounting questions
-
Yellow Shoe Company, a distributor, purchases all its shoe inventory from Styles Limited. Selected account balances are included in the following table: Dec. 31, Year 1Dec. 31, Year...
-
according to the information that given below, what is the function that insert formulates (lookup-vlookup)to calculate employee superannuation 1 first_date fx 1/7/2020 H I J K L M N 0 P a 57...
-
Write a python program that reads a string S containing integers and prints the maximum number of toys Robert has to buy for Charlie . . Input : 5 1 2 2 4 5 1 2 2 4 Output : 3 3
-
Which purpose(s) of performance management is Singh fulfilling, according to the description given? Explain your choice.
-
There are two individuals in an economy, Joe and Mary. Each of them is currently consuming positive amounts of two goods, food and clothing. Their preferences are characterized by diminishing...
-
Listed below are a number of hypothetical research hypotheses. For each hypothesis, identify the independent and dependent variable. a. Male drivers are more likely to exhibit road rage behaviors...
-
Wylie receives cash of $145,000 in liquidation of his partnership interest, in which he has a basis of $110,000. The partnership owns no hot assets. After following all of the classification...
-
- The market value of the assets in the plan as of January 1 , 2 0 2 3 was $ 1 , 9 8 2 , 6 0 0 ; - The Company ABC contributes the normal cost for 2 0 2 3 on June 3 0 , 2 0 2 3 ; and - The pension...
-
Mike opened a new convenience store on January 1 of this year. He rents retail space with a lease of 7 years with a renewal period of 3 years and a second renewal period of 2 years after. He made...
-
What might account for the fact that, on average, the investor return provided by the firms of endearment exceeded that of the Standard and Poors and Dow Jones averages?
-
How and why would a country give up any of its sovereign powers?
-
Critics of the new hybrid benefit corporation have suggested that benefit corporation laws are unnecessary because corporations are already permitted to operate with a corporate social responsibility...
-
Could a contract be difficult to categorize as either public or private international law? What would such a contract look like?
-
As you have seen in this chapter, international trade law is founded on the importance and benefits of removing trade barriers. However, WTO rules also recognize the need to restrain trade in certain...
-
Collect and present yearly data for imports of vehicles to Vietnam and exports of iron and steel of Vietnam for the year 2018-2020. Present the average for the time frame of imports and exports....
-
Tell whether the angles or sides are corresponding angles, corresponding sides, or neither. AC and JK
-
The table that follows shows the stock price, earnings per share, and dividends per share for three companies for a recent year: Price Earnings Dividends per Share per Share Deere &...
-
The following revenue transactions occurred during August: Aug. 4. Issued Invoice No. 162 to Carson Enterprises Co. for services provided on account, $255. 15. Issued Invoice No. 163 to City Electric...
-
The net income reported on the income statement for the current year was $73,600. Depreciation recorded on store equipment for the year amounted to $27,400. Balances of the current asset and current...
-
Presented below is selected information related to Tsui Repairs at December 31, 2025. Tsui reports financial information monthly (amounts in thousands). a. Determine the total assets of Tsui Repairs...
-
Explain the career opportunities in accounting.
-
Collins Computer Timeshare entered into the following transactions during May 2025. 1. Purchased computers for R\($20,000\) from Digital Equipment on account. 2. Paid R\($4,000\) cash for May rent on...
Study smarter with the SolutionInn App