Kane Ltd. had a beginning inventory on January 1 of 25 units of product SXL at a
Question:
Kane Ltd. had a beginning inventory on January 1 of 25 units of product SXL at a cost of $160 per unit. During the year, purchases were as follows:
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Kane uses a periodic inventory system. At the end of the year, a physical inventory count determined that there were 20 units on hand.
Instructions
(a) Determine the cost of goods available for sale.
(b) Determine the cost of the ending inventory and the cost of the goods sold using
(1) FIFO and
(2) Average cost. (Use unrounded numbers in your calculation of the average unit cost but round to the nearest cent for presentation purposes in your answer.)
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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a Cost Of Goods Available For Sale Date Explanation Units Unit Cost Total Cost Jan 1 Beginning inven...View the full answer
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Related Book For 
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ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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