Wojcik Company uses the perpetual inventory system. The following information is available for the mouth of...
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Wojcik Company uses the perpetual inventory system. The following information is available for the mouth of May. Date Beginning inventory May 10 May 15 May 18 May 21 May 30 Units 30 10 15 10 Purchases Cost $8 $12 $14 $15 Units 10 15 Sales Price $20 $20 Instructions a. Calculate the cost of goods sold and ending inventory using the FIFO method of inventory valuation b. Calculate the cost of goods sold and ending inventory using the LIFO method of inventory valuation c. Calculate the cost of goods sold and ending inventory using the Average Cost method of inventory valuation. d. Record the journal entries for the May 10, 18 and 30 purchases and the May 15 and 21 sales using the Average Cost method. ← M Gmail H10 1 2 3 4 5 6 7 8 9 8 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Activity 3: Perpetual Inventory X с H ▾ Oliver Walker U3A3 File Edit View Insert Format Data Tools Extensions Help n 27 100% $ %0.00 123- A Date Fortnite Tracker - F... D21 Homepage - Renfre..... + E fx docs.google.com/spreadsheets/d/1_A_zdjFJG6J5X5N1CDvUymV_mhk2GmY4L5mqVGyafko/edit#gid=667205955 War Legend System 10-May 15-May 15-May 18-May 21-May 21-May 30-May Assignments - Ms. Kolkman EL X B U3 Activity 3 Assi....docx Wojcik Company General Journal Type here to search C Bank Sales Particulars Inventory Bank To record the initial inventory balance Cost of Goods Sold Inventory Inventory Bank Bank Sales Cost of Goods Sold Inventory Arial Inventory Bank D FIFO - General Journal Inventory Error E....docx о A 9: Oliver Walker U3A2 - Google Sh X E 10 Debit Last edit was 2 minutes ago $120 $200 $90 $210 $300 $160 TRIOS CASH CUP in... $150 BIS F Page Credit LIFO - $120 $200 $90 $210 $300 $160 $150 Average ▾ Oliver Walker U2A....xlsx A G Unit 3 - Google Drive FNCS $19 QUALIFIE... B 8- H Rematch = ¹ W X + Oliver Walker U3A3 - Google Sh x +Oliver Walker U2A6 - Updated Course Hero GO J Course Hero 1₁ ΥΣ· K ITF International Tennis... L M X N Homework Help - Q&A from O (??? 0 P X + Share ☐ R 4°C Mostly cloudy ENG Show all 7:21 PM 2022-03-23 ⠀ 6 ● O · ? + X Wojcik Company uses the perpetual inventory system. The following information is available for the mouth of May. Date Beginning inventory May 10 May 15 May 18 May 21 May 30 Units 30 10 15 10 Purchases Cost $8 $12 $14 $15 Units 10 15 Sales Price $20 $20 Instructions a. Calculate the cost of goods sold and ending inventory using the FIFO method of inventory valuation b. Calculate the cost of goods sold and ending inventory using the LIFO method of inventory valuation c. Calculate the cost of goods sold and ending inventory using the Average Cost method of inventory valuation. d. Record the journal entries for the May 10, 18 and 30 purchases and the May 15 and 21 sales using the Average Cost method. ← M Gmail H10 1 2 3 4 5 6 7 8 9 8 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Activity 3: Perpetual Inventory X с H ▾ Oliver Walker U3A3 File Edit View Insert Format Data Tools Extensions Help n 27 100% $ %0.00 123- A Date Fortnite Tracker - F... D21 Homepage - Renfre..... + E fx docs.google.com/spreadsheets/d/1_A_zdjFJG6J5X5N1CDvUymV_mhk2GmY4L5mqVGyafko/edit#gid=667205955 War Legend System 10-May 15-May 15-May 18-May 21-May 21-May 30-May Assignments - Ms. Kolkman EL X B U3 Activity 3 Assi....docx Wojcik Company General Journal Type here to search C Bank Sales Particulars Inventory Bank To record the initial inventory balance Cost of Goods Sold Inventory Inventory Bank Bank Sales Cost of Goods Sold Inventory Arial Inventory Bank D FIFO - General Journal Inventory Error E....docx о A 9: Oliver Walker U3A2 - Google Sh X E 10 Debit Last edit was 2 minutes ago $120 $200 $90 $210 $300 $160 TRIOS CASH CUP in... $150 BIS F Page Credit LIFO - $120 $200 $90 $210 $300 $160 $150 Average ▾ Oliver Walker U2A....xlsx A G Unit 3 - Google Drive FNCS $19 QUALIFIE... B 8- H Rematch = ¹ W X + Oliver Walker U3A3 - Google Sh x +Oliver Walker U2A6 - Updated Course Hero GO J Course Hero 1₁ ΥΣ· K ITF International Tennis... L M X N Homework Help - Q&A from O (??? 0 P X + Share ☐ R 4°C Mostly cloudy ENG Show all 7:21 PM 2022-03-23 ⠀ 6 ● O · ? + X
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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