XYZ corporation provides the following information related to its merchandise inventory during the month of August 2021:Aug1. Inventory on hand- 2,000 units, cost $5.30 each.8. Purchased 8,000 units for $5.5 each.14 Sold 6,000 units for $12.00 each.18 Purchased 6,000 units for $5.60 each.25 Sold 7,000 units for $11.00 each.28 Purchased 4,000 units for $5.80 each.31 Inventory on hand-7,000 units.Determine the inventory balance XYZ would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 31 income statement using LIFO and average cost based on eriodic inventory system.
XYZ corporation provides the following information related to its merchandise inventory during the month of August 2021:Aug1. Inventory on hand- 2,000 units, cost $5.30 each.8. Purchased 8,000 units for $5.5 each.14 Sold 6,000 units for $12.00 each.18 Purchased 6,000 units for $5.60 each.25 Sold 7,000 units for $11.00 each.28 Purchased 4,000 units for $5.80 each.31 Inventory on hand-7,000 units.Determine the inventory balance XYZ would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 31 income statement using LIFO and average cost based on eriodic inventory system.
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...
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