Practice AA Company uses a periodic inventory system. At the end of the annual accounting period the accounting records provided the following information for product 1: Cost per unit $7 $8 $9 Units Total Amount 100 Beginning Inventory Purchase, January 20 Purchase, October 6 $700 2,400 5.400 $8,500 300 600 Available for sale: 1,000 AA Sold 950 units for $15 each for total sales revenue of $14,250 (950 x $15 = $14,250). Determine the cost remaining in ending inventory and the cost of goods sold using FIFO, LIFO
Practice AA Company uses a periodic inventory system. At the end of the annual accounting period the accounting records provided the following information for product 1: Cost per unit $7 $8 $9 Units Total Amount 100 Beginning Inventory Purchase, January 20 Purchase, October 6 $700 2,400 5.400 $8,500 300 600 Available for sale: 1,000 AA Sold 950 units for $15 each for total sales revenue of $14,250 (950 x $15 = $14,250). Determine the cost remaining in ending inventory and the cost of goods sold using FIFO, LIFO
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.2KTQ: Inventory Valuation Specific identification method Weighted average cost method FIFO method LIFO...
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1. Using the data from page 6-5 of the VLN determine the ending inventory using First in First out (FIFO)_____
2. Using the data from page 6-5 of the VLN determine the ending inventory for Last In First Out (LIFO)_____
3. Using the data from pages 6-5 and 6-6 of the VLN determine ending inventory for Weighted Average.______
* The first picture is page 6-5 and the second picture is page 6-6
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