Recording periodic inventorytransactions using FIFOa perbased on a physical count.bloeBe2. Gross margin, $92,000RequiredE-periodic etem. Use December 31 as the date. No explanations are requiredpriate financial statement.etoloh or system calculated in E6–5, Requirement 2?bebn month of July:bloiy abiomputing FIFO andghted-averages-costpunts in a periodic system6 units at $ 60 eachBeginning merchandise inventoryPurchaseJul.15 units at $ 67 each8of goods sold, weighted-age, $1,54015Purchase10 units at $ 70 each26Purchase5 units at $ 85 eachAt July 31, Flexon counts four units of merchandise inventory on hand.a. Compute ending merchandise inventory and cost of goods sold using the FIFOinventory costing method.b. Compute ending merchandise inventory and cost of goods sold using the weighted-average-cost method.E6-11 Kelso Electrical's inventory records for industrial switches indicate the following aNovember 30, 2020:uting ending inventoryplying three inventoryg methods in a periodicory systemNov.1Beginning inventory14 units at $160cost of goods sold, $4,7708Purchase4 units at $17015Purchase11 units at $1805 units at $20026Purchaseeom 1. Lally for in a pmain

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Description: Recording periodic inventorytransactions using FIFOa perbased on a physical count.bloeBe2. Gross margin, $92,000RequiredE-periodic etem. Use December 31 as the date. No explanations are requiredpriate financial statement.etoloh or system calculated

Using FIFO method, the ending inventory consists of units that were purchased at last. Using…

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0 The periodic inventory records of Flexon Prosthetics indicate the month of July: blaiy ebio 6 units at $ 60 Jul. 1 Beginning merchandise inventory 5 units at $ 67 8 Purchase 15 Purchase 10 units at $7 26 Purchase 0-5 units at $ 85 At July 31, Flexon counts four units of merchandise inventory on E a. Compute ending merchandise inventory and cost of goods sc inventory costing method. b. Compute ending merchandise inventory and cost of goods sold

0 The periodic inventory records of Flexon Prosthetics indicate the month of July: blaiy ebio 6 units at $ 60 Jul. 1 Beginning merchandise inventory 5 units at $ 67 8 Purchase 15 Purchase 10 units at $7 26 Purchase 0-5 units at $ 85 At July 31, Flexon counts four units of merchandise inventory on E a. Compute ending merchandise inventory and cost of goods sc inventory costing method. b. Compute ending merchandise inventory and cost of goods sold

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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