A company provides the following information related to its inventory during the month of August, Year 1: August 1 Inventory on hand-3,200 units; cost $5.90 each. August 8 Purchased 12,800 units for $6.10 each. August 14 Sold 9,600 units for $12.60 each. August 18 Purchased 9,600 units for $6.20 each. August 25 Sold 11,200 units for $11.60 each. August 28 Purchased 6,400 units for $6.40 each. August 31 Inventory on hand-11, 200 units. Required: Using calculations based on a periodic inventory system, determine the inventory balance the company would report in its August 31, Year 1, balance sheet and the cost of goods sold it would report in its August, Year 1 income statement using each of the following cost flow methods. Complete this question by entering your answers in the tabs below. FIFO LIFO Average Cost Determine the inventory balance the company would report in its August 31, Year 1, balance sheet and the cost of goods sold it would report in its August, Y the FIFO method.

A company provides the following information related to its inventory during the month of August, Year 1: August 1 Inventory on hand-3,200 units; cost $5.90 each. August 8 Purchased 12,800 units for $6.10 each. August 14 Sold 9,600 units for $12.60 each. August 18 Purchased 9,600 units for $6.20 each. August 25 Sold 11,200 units for $11.60 each. August 28 Purchased 6,400 units for $6.40 each. August 31 Inventory on hand-11, 200 units. Required: Using calculations based on a periodic inventory system, determine the inventory balance the company would report in its August 31, Year 1, balance sheet and the cost of goods sold it would report in its August, Year 1 income statement using each of the following cost flow methods. Complete this question by entering your answers in the tabs below. FIFO LIFO Average Cost Determine the inventory balance the company would report in its August 31, Year 1, balance sheet and the cost of goods sold it would report in its August, Y the FIFO method.

Name: 9A company provides the following information related to its inventor
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Description: 9A company provides the following information related to its inventory during the month of August, Year 1:August 1 Inventory on hand-3,200 units; cost $5.90 each.August 8 Purchased 12,800 units for $6.10 each.August 14 Sold 9,600 units for $12.60 ea

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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