E6A-3. (Compute amounts for the GAAP inventory methods-periodic system) Suppose Synthetix Corporation's inventory records for a...

 

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E6A-3. (Compute amounts for the GAAP inventory methods-periodic system) Suppose Synthetix Corporation's inventory records for a particular computer chip indicate the following at October 31: Oct 1 8 15 26 Beginning inventory Purchase... Purchase....... Purchase... 4 units @ $60- $240 3 units @ $60 = 180 840 12 units @ $70= 1 units @ $80- 80 The physical count of inventory at October 31 indicates that five units of inventory are on hand. ➤ Requirements Compute ending inventory and cost of goods sold, using each of the following methods: 1. Specific unit cost, assuming three $60 units and two $70 units are on hand 2. Average cost (round average unit cost to the nearest cent) 3. First-in, first-out 4. Last-in, first-out E6A-3. (Compute amounts for the GAAP inventory methods-periodic system) Suppose Synthetix Corporation's inventory records for a particular computer chip indicate the following at October 31: Oct 1 8 15 26 Beginning inventory Purchase... Purchase....... Purchase... 4 units @ $60- $240 3 units @ $60 = 180 840 12 units @ $70= 1 units @ $80- 80 The physical count of inventory at October 31 indicates that five units of inventory are on hand. ➤ Requirements Compute ending inventory and cost of goods sold, using each of the following methods: 1. Specific unit cost, assuming three $60 units and two $70 units are on hand 2. Average cost (round average unit cost to the nearest cent) 3. First-in, first-out 4. Last-in, first-out

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