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(a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the lowest net income?

(a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the lowest net income?

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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es Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 60 units-50 units from the January 6 purchase and 10 units from the January 25 purchase. January 1 January 6 January 17 January 25 Beginning inventory Purchase Purchase Purchase Totals Req A to D (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the lowest net income? Complete this question by entering your answers in the tabs below. Req E 138 units 300 units 540 units 22 units 1,000 units (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO @ $3.00 @$2.80 @ $2.30 @ $2.00 Ending Inventory Determine the cost assigned to ending inventory and to cost of goods sold for the following. Note: Do not round intermediate calculations and round your answers to nearest whole dollar. Cost of Goods Sold $414 840 1,242 44 $ 2,540 < Prev 1 of 6 www Next >
Transcribed Image Text:es Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 60 units-50 units from the January 6 purchase and 10 units from the January 25 purchase. January 1 January 6 January 17 January 25 Beginning inventory Purchase Purchase Purchase Totals Req A to D (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the lowest net income? Complete this question by entering your answers in the tabs below. Req E 138 units 300 units 540 units 22 units 1,000 units (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO @ $3.00 @$2.80 @ $2.30 @ $2.00 Ending Inventory Determine the cost assigned to ending inventory and to cost of goods sold for the following. Note: Do not round intermediate calculations and round your answers to nearest whole dollar. Cost of Goods Sold $414 840 1,242 44 $ 2,540 < Prev 1 of 6 www Next >
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