Periodic Inventory by Three Methods The beginning inventory for RTE Office Supplies and data on purchases and sales for a three month period are as follows sa Required See wrfm12h ch06 c pr6 1a gif 1 Determine the inventory on August 31, 2014, and the cost of goods sold for the three month period, using the first in, first out method and the periodic inventory system Merchandise inventory, August 31, 2014 $ Cost of merchandise sold $ 2 Determine the inventory on August 31, 2014, and the cost of goods sold for the three month period, using the last in, first out method and the periodic inventory system Merchandise inventory, August 31, 2014 $ Cost of merchandise sold $ 3 Determine the inventory on August 31, 2014, and the cost of goods sold for the three month period, using the weighted average cost method and the periodic inventory system Round the weighted average unit cost to the nearest cent Merchandise inventory, August 31, 2014 $ Cost of merchandise sold $ 4 Compare the gross profit and the August 31, 2014, inventories, using the following column headings Enter all amounts as positive numbers Sales $ $ $ Cost of merchandise sold Gross profit $ $ $ Inventory, August 31, 2014 $ $ $

The Answer is in the image, click to view ...

Question: Periodic Inventory by Three Methods The beginning inventory for RTE Office Supplies and data on purchases and sales for a three-month period are as follows:

Periodic Inventory by Three Methods

The beginning inventory for RTE Office Supplies and data on purchases and sales for a three-month period are as follows:

Required: See wrfm12h_ch06_c_pr6_1a.gif

1. Determine the inventory on August 31, 2014, and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.

Merchandise inventory, August 31, 2014	$
Cost of merchandise sold	$

2. Determine the inventory on August 31, 2014, and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system.

Merchandise inventory, August 31, 2014	$
Cost of merchandise sold	$

3. Determine the inventory on August 31, 2014, and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent.

Merchandise inventory, August 31, 2014	$
Cost of merchandise sold	$

4. Compare the gross profit and the August 31, 2014, inventories, using the following column headings. Enter all amounts as positive numbers.

Sales	$	$	$
Cost of merchandise sold
Gross profit	$	$	$
Inventory, August 31, 2014	$	$	$

Periodic Inventory by Three MethodsThe beginning inventory for RTE Office Supplies and

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!

10:16 PM Mon Jun 10 oo @ v2.cengagenow.com Assignment 8.1: Chapter 6 Homework Periodic inventory by three methods Instructions The beginning inventory for Midnight Supplies and data on purchases and...

I uploaded the Assignment below, The answers came out wrong and I tried to figure it out but I couldn't 3/18/17, 1(28 PM Periodic inventory by three methods Instructions The beginning inventory for...

Tuviens Series A $193,350 PR 7-1A FIFO perpetual inventory OBJ. 2, 3 The beginning inventory at RTE Office Supplies and data on purchases and sales for a three-month period ending August 31, 2014,...

N. Dute Transfer Total DOV 22.5 TV 2 3,7 1.100 3.10 0.00 135.00 37.50 1 100 DER 1 Sale 21.30 SL 160.00 50 00 30.000 DOO 18 21 10 Sale 7.100 1008 SCH 200,000 Hequired Merchandy Harth Costera to the...

Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Date Jan. 1 1 Inventory 10...

Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Periodic Inventory by Three...

Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Date Transaction Jan. 1 10...

Periodic Inventory by Three Methods The beginning inventory for Dunne Co, and data on purchases and sales to period are as follows: Date Transaction of Units Per Unit Total for 3 Inventory 25 $1,200...

+ mertakeAssignment/takeAssignment Main.doFinvokerStakeAssign ntSessionLocator Sinprogress-false Bock Calculator Periodic inventory by three methods The beginning inventory for Midnight Supplies and...

Periodic inventory by three methods The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: 1. Determine the inventory on...

What does the term relevance mean in the context of making management decisions?

The signal graph for f(t) is shown in Figure (1) below. f(t) 3 Figure (1) (a) (b) Develop an appropriate periodic function to describe this signal. Expand f(t) in a Fourier series up to three...

Why is working capital a crucial measure for a company s operational efficiency?

If a customer presents to you a check drawn on a business account, you have no legal right to confirm whether the customer is an authorized signer of the business' check. O True False

2. Provide new information and before 20 seconds have elapsed, add more infor-mation. The initial information will then be lost from memory for most people.

7. What is the extent (percentage) of errors detected in the information collected?

8. What are the costs of collecting the information?