17 18 HW6#12a-Cost Flows Inventory Methods using a periodic inventory system: Instructions: Using the data below...

 

Transcribed Image Text:

17 18 HW6#12a-Cost Flows Inventory Methods using a periodic inventory system: Instructions: Using the data below and worksheet on following slide. a. Determine the Cost of Goods Available for Sale for reams of paper for Office Outlet Inc. b. Determine the Ending Inventory and Cost of Goods Sold under each of the assumed cost flow methods-FIFO, LIFO, and Average Cost. 6-17 Date • Sold 1,500 units and Inventory information Unit Cost 1-Jan 20-Feb 5-May 12-Aug 8-Dec Units 100 600 500 400 100 HW6#12b-worksheet (Ending Inventory) Cost of Goods Sold worksheet Beginning Inventory Cost of Goods Purchased Cost of Goods Available for Sale $8.00 $9.00 $10.00 $11.00 $12.00 Total Cost (round average cost factor to 3 decimal places). FIFO LIFO AVERAGE COST 17 18 HW6#12a-Cost Flows Inventory Methods using a periodic inventory system: Instructions: Using the data below and worksheet on following slide. a. Determine the Cost of Goods Available for Sale for reams of paper for Office Outlet Inc. b. Determine the Ending Inventory and Cost of Goods Sold under each of the assumed cost flow methods-FIFO, LIFO, and Average Cost. 6-17 Date • Sold 1,500 units and Inventory information Unit Cost 1-Jan 20-Feb 5-May 12-Aug 8-Dec Units 100 600 500 400 100 HW6#12b-worksheet (Ending Inventory) Cost of Goods Sold worksheet Beginning Inventory Cost of Goods Purchased Cost of Goods Available for Sale $8.00 $9.00 $10.00 $11.00 $12.00 Total Cost (round average cost factor to 3 decimal places). FIFO LIFO AVERAGE COST

Answer rating: 100% (QA)

FIFO First in First Out Date Units Unit cost Total Cost Beginning inventory 100 units 8 800 Cost of goods purchased 20th Feb 600 units 9unit 5400 5th ... View the full answer