Jennice Store sells a hand gloves that is popular with tourists. Information relating to Jennice'spurchases of hand gloves during September is shown below. During the same month, 80 hand gloveswere sold. Jennice uses a periodic inventory system.DateExplanationUnitsUnit CostTotal CostSept. 1Sept. 12Sept. 19Sept. 26$ 97InventoryPurchasesPurchasesPurchases$ 2,5224,5902,0805,25026451021042050105Totals141$14,442Required:a) Compute the ending inventory at September 30 and cost of goods sold using the LIFO method.b) Suppose Jennice shifted to perpetual inventory system and the 80 hand gloves were sold onSeptember 20th. Compute the ending inventory at September 30 and cost of goods sold usingAverage Cost Method.

Answered: 26 $ 97 45 102 20 104 50 105

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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3
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