Question: need help doing the LIFO and FIFO Compute ending inventory and cost of goods sold under FIFO, assuming Nash's Trading Post, LLC uses the periodic

need help doing the LIFO and FIFO  need help doing the LIFO and FIFO Compute ending inventory and
cost of goods sold under FIFO, assuming Nash's Trading Post, LLC uses
the periodic inventory system Ending inventory Cost of Goods Sold Compute ending
inventory and cost of goods sold under LIFO, assuming Nastys Trading Post,
LLC uses the periodic inventory system Ending Inventory Cost of Goods Sold

Compute ending inventory and cost of goods sold under FIFO, assuming Nash's Trading Post, LLC uses the periodic inventory system Ending inventory Cost of Goods Sold Compute ending inventory and cost of goods sold under LIFO, assuming Nastys Trading Post, LLC uses the periodic inventory system Ending Inventory Cost of Goods Sold Les Sales Returns and Allowances YO Net Sales Cost of Goods Sold Gross Pront Operating Expenses Salaries and Wages Expense 420 Depreciation Expense 180 Income Betore Income Taxes 009 Income Taxes 560 bene 061 (Los) 370 Cash $5.250 $1,370 3,860 2.760 Accounts Receivable Inventory (2.700 x $0.60) Equipment Accumulated Depreciation ---Equipment Accounts Payable Common Stock Retained Earnings 1.620 10,000 20,400 17,000 $31.130 $31.130 2 Dec 3 Purchased 3.700 units of inventory on account at a cost of $0.77 per unit. 5 Sold 4 100 units of inventory on account for $0.90 per unit. (It sold 2,700 of the $0.60 units and 1.400 of the 50.77 Granted the December 5 customer S90 credit for 100 units of inventory returned costing 560. These units were returned to inventory 17 Purchased 2,100 units of inventory for cash at $0.70 each 22 Sold 1 800 units of inventory on account for $0.88 per unit. (It sold 1.800 of the 50.77 units) Adjustment data 1 Accrued salaries and waves payable 5420 Depreciation on equipment $180 per month 2 Income tax expense was $190, to be paid next year

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!