The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period

Question:

The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period ending March 31, 2016, are as follows:

The beginning inventory at Funky Party Supplies and data on
The beginning inventory at Funky Party Supplies and data on

Instructions
1. Determine the inventory on March 31, 2016, and the cost of goods sold for the three month period, using the first-in, first-out method and the periodic inventory system.
2. Determine the inventory on March 31, 2016, and the cost of goods sold for the three month period, using the last-in, first-out method and the periodic inventory system.
3. Determine the inventory on March 31, 2016, and the cost of goods sold for the three month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent.
4. Compare the gross profit and the March 31, 2016, inventories, using the following column headings:

The beginning inventory at Funky Party Supplies and data on
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Related Book For  book-img-for-question

Financial Accounting

ISBN: 978-1305088436

14th edition

Authors: Carl S. Warren, Jim Reeve, Jonathan Duchac

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