a. Complete the table below by filling in the blank spaces. Note: Write all the formulas used and Show your calculations or work! Year 1 Year 2 Year 3 Beginning Inventory Merchandise purchased 100 900 Goods available for sale 800 Merchandising sold Ending inventory 1000 800 300 50 b. If the units cost 10$, $5 and $5 each through out Years 1, 2 and 3, calculate the cost goods sold section of the income statement

a. Complete the table below by filling in the blank spaces. Note: Write all the formulas used and Show your calculations or work! Year 1 Year 2 Year 3 Beginning Inventory Merchandise purchased 100 900 Goods available for sale 800 Merchandising sold Ending inventory 1000 800 300 50 b. If the units cost 10$, $5 and $5 each through out Years 1, 2 and 3, calculate the cost goods sold section of the income statement

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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The following is the detail of the purchase and sale of inventory of a product of Simco Co. May 1 Beg. Inventory 60 units @ $220 May 2 Purchase 100 units @ $216 May 14 Purchase 50 units @ $224 May 22 Purchase 60 units @ $234 May 30 Sale 200 units Required: 1. Compute the cost of goods sold and cost of ending inventory for Simco Co. for May under the FIFO, LIFO, and weighted average cost assumptions. 2. Which method results in Simco Co. paying the least tax?
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