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2. Ch. 5: Measuring Inventory using FIFO, LIFO, and Average-Cost: ABC Company carries a merchandise inventory of widgets. ABC uses a periodic inventory system. On January 1, ABC had a beginning.. inventory, balance of $1,500, consisting of 300 units. During January, ABC made the following purchases (1,100 total units) and sales (1,050 total units): Purchased 200 units at $6/unit Sold 250 units at $10/unit Purchased 500 units at $7/unit Sold 600 units at $11/unit a. Using the FIFO cost flow method, determine (a) cost of goods sold and (b) ending inventory. Jan. 3 Jan. 9 Jan, 13 Jan. 24 FIFO Date Jan. 1 (beginning) Proof: Units Dollars Cost of Goods Sold Ending Inventory Purchases Quantity Unit Cost Total Cost Beginning . + Purchases Cost of Goods Sold Quantity Unit Cost Total Cost CGAFS ... Sold Ending Inventory Quantity Unit Cost Total Cost Ending

2. Ch. 5: Measuring Inventory using FIFO, LIFO, and Average-Cost: ABC Company carries a merchandise inventory of widgets. ABC uses a periodic inventory system. On January 1, ABC had a beginning.. inventory, balance of $1,500, consisting of 300 units. During January, ABC made the following purchases (1,100 total units) and sales (1,050 total units): Purchased 200 units at $6/unit Sold 250 units at $10/unit Purchased 500 units at $7/unit Sold 600 units at $11/unit a. Using the FIFO cost flow method, determine (a) cost of goods sold and (b) ending inventory. Jan. 3 Jan. 9 Jan, 13 Jan. 24 FIFO Date Jan. 1 (beginning) Proof: Units Dollars Cost of Goods Sold Ending Inventory Purchases Quantity Unit Cost Total Cost Beginning . + Purchases Cost of Goods Sold Quantity Unit Cost Total Cost CGAFS ... Sold Ending Inventory Quantity Unit Cost Total Cost Ending

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Ch. S: Measuring Inventory using FIFO, LIFO, and Average-Cost: ABC Company carries a merchandise inventory of widgets. ABC uses a periodic inventory system. On January 1, ABC had a beginning.. inventory, balance of $1,500, consisting of 300 units. During January, ABC made the following purchases (1,100 total units) and sales (1,050 total units): Purchased 200 units at $6/unit Sold 250 units at $10/unit Purchased 500 units at $7/unit Sold 600 units at $11/unit a. Using the FIFO cost flow method, determine (a) cost of goods sold and (b) ending inventory. Jan. 3 Jan. 9 Jan, 13- Jan. 24 FIFO Date Jan. 1 (beginning) Proof: Units Dollars Cost of Goods Sold Ending Inventory Quantity Beginning Purchases Unit Cost Total Cost . + + Purchases Cost of Goods Sold Quantity Unit Cost Total Cost CGAFS Sold Ending Inventory Quantity Unit Cost Total Cost M Ending
Transcribed Image Text:Ch. S: Measuring Inventory using FIFO, LIFO, and Average-Cost: ABC Company carries a merchandise inventory of widgets. ABC uses a periodic inventory system. On January 1, ABC had a beginning.. inventory, balance of $1,500, consisting of 300 units. During January, ABC made the following purchases (1,100 total units) and sales (1,050 total units): Purchased 200 units at $6/unit Sold 250 units at $10/unit Purchased 500 units at $7/unit Sold 600 units at $11/unit a. Using the FIFO cost flow method, determine (a) cost of goods sold and (b) ending inventory. Jan. 3 Jan. 9 Jan, 13- Jan. 24 FIFO Date Jan. 1 (beginning) Proof: Units Dollars Cost of Goods Sold Ending Inventory Quantity Beginning Purchases Unit Cost Total Cost . + + Purchases Cost of Goods Sold Quantity Unit Cost Total Cost CGAFS Sold Ending Inventory Quantity Unit Cost Total Cost M Ending
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