5. Spilly Ltd. uses the periodic inventory system and applied FIFO inventory costing. At the end of the annual accounting period, December 31, 2024, the accounting records for the best selling item in inventory showed: Transartions Units Beginning inventory, Jan. 1, 2024 400 1. Purchase, Feb. 1 1,000 2. Sale, March 15 (sold at $26 each) (800) 3. Purchase, May 15 500 4. Sale, July 31 (sold at $35 each) (400) Unit Cost $18 21 224 24 Required: Determine the following (show detailed computations to support your answer) (round to nearest dollar): Goods available for sale Ending inventory value Cost Of Goods Sold
5. Spilly Ltd. uses the periodic inventory system and applied FIFO inventory costing. At the end of the annual accounting period, December 31, 2024, the accounting records for the best selling item in inventory showed: Transartions Units Beginning inventory, Jan. 1, 2024 400 1. Purchase, Feb. 1 1,000 2. Sale, March 15 (sold at $26 each) (800) 3. Purchase, May 15 500 4. Sale, July 31 (sold at $35 each) (400) Unit Cost $18 21 224 24 Required: Determine the following (show detailed computations to support your answer) (round to nearest dollar): Goods available for sale Ending inventory value Cost Of Goods Sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:5. Spilly Ltd. uses the periodic inventory system and applied FIFO inventory costing. At the end of the annual
accounting period, December 31, 2024, the accounting records for the best selling item in inventory showed:
Transartions
Units
Beginning inventory, Jan. 1, 2024
400
1. Purchase, Feb. 1
1,000
2. Sale, March 15 (sold at $26 each)
(800)
3. Purchase, May 15
500
4. Sale, July 31 (sold at $35 each)
(400)
Unit Cost
$18
21
224
24
Required: Determine the following (show detailed computations to support your answer) (round to
nearest dollar):
Goods available for sale
Ending inventory value
Cost Of Goods Sold
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