Calculating Ending Inventory, Cost of Goods Sold and Comparing Results You are provided with the following...

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Calculating Ending Inventory, Cost of Goods Sold and Comparing Results You are provided with the following information for Senta Ltd. for the month ended January 31, 2017. Senta uses a periodic inventory system. October 3.. October 6.. October 11. October 15. October 22. October 27. October 29. 1. Date Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Calculate (i) ending ventory, and (ii) cost of formulas. a. FIFO b. Weighted average cost 2. Compare results for the two cost formulas. Units 120 240 200 140 130 160 240 Unit Cost / Selling Price €48 52 70 54 80 56 80 sold under each of the following cost Calculating Ending Inventory, Cost of Goods Sold and Comparing Results You are provided with the following information for Senta Ltd. for the month ended January 31, 2017. Senta uses a periodic inventory system. October 3.. October 6.. October 11. October 15. October 22. October 27. October 29. 1. Date Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Calculate (i) ending ventory, and (ii) cost of formulas. a. FIFO b. Weighted average cost 2. Compare results for the two cost formulas. Units 120 240 200 140 130 160 240 Unit Cost / Selling Price €48 52 70 54 80 56 80 sold under each of the following cost

Answer rating: 100% (QA)

1 FIFO FirstIn FirstOut Method i Ending Inventory Since FIFO assumes that the first units purchased are the first ones sold we need to track the units ... View the full answer