Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December...
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Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Transactions Units Unit Cost Beginning inventory, January 1 Transactions during the year: Purchase, January 30 Purchase, May 1 Sale ($5 each) Sale ($5 each) 480 $3.00 a. 380 4.20 b. 540 4.00 (240) (780) c. d. Required: a. Compute the amount of goods available for sale. b. & c. Compute the amount of ending inventory and cost of goods sold at December 31, under Average cost, First-in, first-out, Last-in, first-out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. Compute the amount of ending inventory and cost of goods sold at December 31 under Average cost, First-in, first-out, Last- in, first-out, Specific identification of the inventory costing methods. For Specific identification, assume that the first sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Show less A First-In, First- Last-In, First- Out Specific Average Cost Out Identification Ending inventory Cost of goods sold Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Transactions Units Unit Cost Beginning inventory, January 1 Transactions during the year: Purchase, January 30 Purchase, May 1 Sale ($5 each) Sale ($5 each) 480 $3.00 a. 380 4.20 b. 540 4.00 (240) (780) c. d. Required: a. Compute the amount of goods available for sale. b. & c. Compute the amount of ending inventory and cost of goods sold at December 31, under Average cost, First-in, first-out, Last-in, first-out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. Compute the amount of ending inventory and cost of goods sold at December 31 under Average cost, First-in, first-out, Last- in, first-out, Specific identification of the inventory costing methods. For Specific identification, assume that the first sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Show less A First-In, First- Last-In, First- Out Specific Average Cost Out Identification Ending inventory Cost of goods sold
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Amount of goods available for sale 48033804254045196 Ending inventory 480380540240780380 Under ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025556
8th edition
Authors: Robert Libby, Patricia Libby, Daniel Short
Posted Date:
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