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39 The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Number of Units 150 70 Unit Cost $ 28 34 (100) 90 140 Date 1/1 1/24 Transaction Beginning inventory Purchase Sale 2/22 3/7 4/10 6/11 Sale 9/28 12/4 Purchase Purchase. Purchase Sale Cost of goods sold Ending inventory FIFO Cost of goods sold Ending inventory (100) 50 (100) Required: a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO LIFO -> 38 37 i 38 LIFO Total Cost $ 4,200 2,380 b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. 3,420 5,180 1,900

39 The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Number of Units 150 70 Unit Cost $ 28 34 (100) 90 140 Date 1/1 1/24 Transaction Beginning inventory Purchase Sale 2/22 3/7 4/10 6/11 Sale 9/28 12/4 Purchase Purchase. Purchase Sale Cost of goods sold Ending inventory FIFO Cost of goods sold Ending inventory (100) 50 (100) Required: a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO LIFO -> 38 37 i 38 LIFO Total Cost $ 4,200 2,380 b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. 3,420 5,180 1,900

FINANCIAL ACCOUNTING
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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39 The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Number of Units 150 70 Unit Cost $ 28 34 (100) 90 140 Date 1/1 1/24 Transaction Beginning inventory Purchase Sale 2/22 3/7 4/10 6/11 Sale 9/28 12/4 Purchase Purchase. Purchase Sale Cost of goods sold Ending inventory FIFO Cost of goods sold Ending inventory (100) 50 (100) Required: a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO LIFO -> 38 37 i 38 LIFO Total Cost $ 4,200 2,380 b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. 3,420 5,180 1,900
Transcribed Image Text:39 The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Number of Units 150 70 Unit Cost $ 28 34 (100) 90 140 Date 1/1 1/24 Transaction Beginning inventory Purchase Sale 2/22 3/7 4/10 6/11 Sale 9/28 12/4 Purchase Purchase. Purchase Sale Cost of goods sold Ending inventory FIFO Cost of goods sold Ending inventory (100) 50 (100) Required: a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO LIFO -> 38 37 i 38 LIFO Total Cost $ 4,200 2,380 b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. 3,420 5,180 1,900
Cost of goods sold Ending inventory Required: a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. Cost of goods sold Ending inventory FIFO True O False LIFO b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO Seved LIFO Help c. LIFO results are different for parts a and b as timing of the application of LIFO rules is relevant. Save & Exi
Transcribed Image Text:Cost of goods sold Ending inventory Required: a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. Cost of goods sold Ending inventory FIFO True O False LIFO b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO Seved LIFO Help c. LIFO results are different for parts a and b as timing of the application of LIFO rules is relevant. Save & Exi
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