Davis Corporation sells item X as part of its product line. Information as to balances on...
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Davis Corporation sells item X as part of its product line. Information as to balances on hand, purchases, and sales of item X are given in the following table for the first six months of 2020. Quantities Unit Price Purchased Sold Balance of Purchase 400 Date Beginning January 24 1,300 February 8 March 16 June 11 600 - - 300 560 $3.75 $3.90 - $4.10 Required a. Compute the cost of goods available for sale. b. Compute the cost of goods sold using periodic weighted average. c. Compute the ending inventory at June 30 under the perpetual LIFO method. Davis Corporation sells item X as part of its product line. Information as to balances on hand, purchases, and sales of item X are given in the following table for the first six months of 2020. Quantities Unit Price Purchased Sold Balance of Purchase 400 Date Beginning January 24 1,300 February 8 March 16 June 11 600 - - 300 560 $3.75 $3.90 - $4.10 Required a. Compute the cost of goods available for sale. b. Compute the cost of goods sold using periodic weighted average. c. Compute the ending inventory at June 30 under the perpetual LIFO method.
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Related Book For
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
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