This continues our accounting for Pure Water, Inc. As stated in the continuing problem in Chapter 4, Pure Water, Inc., began selling pools and spas in August. For this problem, we will focus on the purchase and sales of spas during the month of September. The purchases and sales of spa inventory for the month of September are as follows:
This continues our accounting for Pure Water, Inc. As stated in the continuing problem in Chapter 4, Pure Water, Inc., began selling pools and spas in August. For this problem, we will focus on the purchase and sales of spas during the month of September. The purchases and sales of spa inventory for the month of September are as follows:
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Requirements
1. Assuming that Pure Water, Inc., uses the FIFO inventory cost flow assumption, what is the September 30 ending spa inventory balance and September cost of goods sold for spas?
2. Assuming that Pure Water, Inc., uses the LIFO inventory cost flow assumption, what is the September 30 ending spa inventory balance and September cost of goods sold for spas?
3. Assuming that Pure Water, Inc., uses the average cost inventory cost flow assumption, what is the September 30 ending spa inventory balance and September cost of goods sold forspas?
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Answer
Req 1 Perpetual Inventory Record: FIFO Perpetual Inventory Record - FIFO Date Purchases Cost of Goods Sold Inventory on Hand Quantity Unit Cost Total …View the full answer
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