Provide solution of question number 4 Celtic Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory systemFor specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15unts from beginning inventoryDateJan. 10Jam 20Jan. 25Jan. 30ActivitiesBeginning inventorySalesPurchaseSalesPurchaseTotals140 units60 units180 units380 unitsUnits Acquired at Cost$6.00e$5.00$4.50$840$300$810$1,950Units sold at Retail100 units @ $1580 units@ $15180 unitsThe company uses a perpetual inventory system For specific identification, ending inventory consists of 200 units, where 180 are from theJanuary 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.2. Determine the cost assigned to ending inventory and cost of goods sold using weighted average.3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

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Description: Provide solution of question number 4 Celtic Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory systemFor specific identification, ending inventory consists of 180 units from t

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Celtic Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory Jan. 10 Jan 20 Jan. 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 60 units 180 units 380 units Units Acquired at Cost e $6.00 $5.00 $4.50 T $840 $300 $810 $1,950 Units sold at Retail 100 units 80 units 180 units @$15 @ $15 The company uses a perpetual Inventory system For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods and using

Celtic Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory Jan. 10 Jan 20 Jan. 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 60 units 180 units 380 units Units Acquired at Cost e $6.00 $5.00 $4.50 T $840 $300 $810 $1,950 Units sold at Retail 100 units 80 units 180 units @$15 @ $15 The company uses a perpetual Inventory system For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods and using

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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Pappas Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the year, and the inventory count at December 31 are summarized as follows: Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. 2. Determine the cost of the inventory on December 31 by the last-in, first-out method, following the procedures indicated in (1). 3. Determine the cost of the inventory on December 31 by the weighted average cost method, using the columnar headings indicated in (1). 4. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
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