4. Xu Company began business on January 1, 20X1. During 20X1 the firm made the following purchases: 20X1: January 7 February 9 April 29 July 21 September 4 November 12 150 units @ $4.00 100 units @ $4.20 250 units @ $4.40 200 units @ $4.40 160 units @ $4.50 140 units @ $4.60 During 20X1 the firm sold 720 units. Assume Xu Company uses a periodic inventory system. Required a. Determine the amount of the cost of goods sold and the ending inventory for 20X1 using the FIFO inventory valuation method. b. Determine the amount of the cost of goods sold and the ending inventory for 20X1 using the LIFO inventory valuation method.

4. Xu Company began business on January 1, 20X1. During 20X1 the firm made the following purchases: 20X1: January 7 February 9 April 29 July 21 September 4 November 12 150 units @ $4.00 100 units @ $4.20 250 units @ $4.40 200 units @ $4.40 160 units @ $4.50 140 units @ $4.60 During 20X1 the firm sold 720 units. Assume Xu Company uses a periodic inventory system. Required a. Determine the amount of the cost of goods sold and the ending inventory for 20X1 using the FIFO inventory valuation method. b. Determine the amount of the cost of goods sold and the ending inventory for 20X1 using the LIFO inventory valuation method.

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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