Harding Systems, Incorporated uses a periodic inventory system. The purchases of a particular product during the year are shown below: January 1 Beginning inventory 1,100 units @ $ 7.25 $ 7,975 February 7 Purchase 1,450 units @ $ 7.50 10,875 July 10 Purchase 1,600 units @ $ 8.00 12,800 November 25 Purchase 1,000 units @ $ 8.50 8,500 Total 5,150 $ 40,150 At December 31 the ending inventory consisted of 2,500 units. Compute the following: The cost of the ending inventory on December 31 (Using the Average cost method) $ _____________________ The cost of Goods Sold (Using the Average cost method) $__________________________ The cost of the ending Inventory (Using the FIFI method) $_______________________________
Harding Systems, Incorporated uses a periodic inventory system. The purchases of a particular product during the year are shown below: January 1 Beginning inventory 1,100 units @ $ 7.25 $ 7,975 February 7 Purchase 1,450 units @ $ 7.50 10,875 July 10 Purchase 1,600 units @ $ 8.00 12,800 November 25 Purchase 1,000 units @ $ 8.50 8,500 Total 5,150 $ 40,150 At December 31 the ending inventory consisted of 2,500 units. Compute the following: The cost of the ending inventory on December 31 (Using the Average cost method) $ _____________________ The cost of Goods Sold (Using the Average cost method) $__________________________ The cost of the ending Inventory (Using the FIFI method) $_______________________________
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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Harding Systems, Incorporated uses a periodic inventory system. The purchases of a particular product during the year are shown below:
|
January 1 |
Beginning inventory |
1,100 |
units @ $ 7.25 |
$ 7,975 |
|
February 7 |
Purchase |
1,450 |
units @ $ 7.50 |
10,875 |
|
July 10 |
Purchase |
1,600 |
units @ $ 8.00 |
12,800 |
|
November 25 |
Purchase |
1,000 |
units @ $ 8.50 |
8,500 |
|
|
Total |
5,150 |
|
$ 40,150 |
At December 31 the ending inventory consisted of 2,500 units.
Compute the following:
- The cost of the ending inventory on December 31 (Using the Average cost method)
$ _____________________
- The cost of Goods Sold (Using the Average cost method)
$__________________________
- The cost of the ending Inventory (Using the FIFI method)
$_______________________________
- The cost of goods sold (Using the FIFO method)
$.__________________________
- The of cost of the ending Inventory (using the LIFO method)
$____________________
- The cost of Goods sold (Using the LIFO method)
$_______________________________
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- The cost of goods sold (Using the FIFO method)
$.__________________________
- The of cost of the ending Inventory (using the LIFO method)
$____________________
- The cost of Goods sold (Using the LIFO method)
$_______________________________
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