Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1...
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Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 February 14 February 15 June 30 November 6. November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales. Purchase. Totals Required: The company uses a perpetual inventory system. Units Acquired at Cost Units Sold at Retail 180 units @$2$ 360 282 units 118 units 200 units esa es8 018 230 units 170 units 76 units 768 units @535 846 e 545 920 e $55.380 $ 2,506 488 units a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO, b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 February 14 February 15 June 30 November 6. November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales. Purchase. Totals Required: The company uses a perpetual inventory system. Units Acquired at Cost Units Sold at Retail 180 units @$2$ 360 282 units 118 units 200 units esa es8 018 230 units 170 units 76 units 768 units @535 846 e 545 920 e $55.380 $ 2,506 488 units a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO, b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method.
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To solve this problem well calculate the costs assigned to ending inventory and cost of goods sold u... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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