Question 4 000 ateaas evilouborq no ea noleasiqau The inventory records of Martin Corporation below reflected the following information for the month of August. sidsyeg etnuoo0s ni 1. Determine the amount of the ending inventory and cost of goods sold under each of the following methods assuming the periodic inventory system. Assuming a physical count shows there are 1,300 units in the ending inventory.nolesihomA FIFO 00E eldevis LIFO. ego moti awoft rlaso erl eteluols 2. Which method gives the highest Net Income? Snoiteou 3. Which method gives the highest assets value? ori se anted Date Number of Units Unit Costebs bnie 16ay er of non9 Transaction hiwollol erdt bebuloni vnsomo0 $5 8/1 Beginning inventory 400 000.ara 400 0 $5 000,00S etnuooos lutidưob not soswollA 8/3 Purchase No. 1 eldsvisosA ainuo 8/5 Sale No. 1 600 8/7ols2.Sale No. 2 beiHuoms 0100 panub eldsvieO91 ainuooos no anoilbelloo rdas 8/11 Purchase No. 2 Ulu biuow00 ni ebem sa tibeo eril to dS 1s bstsmile eidifoellooe 8/17 Sale No. 3 700 8/19 Purchase No. 3 1000 $7 anuoo uob 1ot eoneolls ert lo seonsled ertt onimmats 8/21ob tot Sale No. 4T ebsm 600neqx ideb bsd bioo91 ct insemlaujbs orl 1e vthe poitauibs entt ol nong eonslad libero e esit atnuo 600 8/28 Sale No. 5 E rotes 1200 aonslsd inuc priwcllol odt bard no $9 Ieinolo,tOS rC 1edmsoe0 8/29 Purchase No. 4 Ending Inventorybe onibioaen ol tohq 2oldesvisoe1 bne eelsa tiba1o of bel scconu 8/30 000. aldsvieoen ainuc
Question 4 000 ateaas evilouborq no ea noleasiqau The inventory records of Martin Corporation below reflected the following information for the month of August. sidsyeg etnuoo0s ni 1. Determine the amount of the ending inventory and cost of goods sold under each of the following methods assuming the periodic inventory system. Assuming a physical count shows there are 1,300 units in the ending inventory.nolesihomA FIFO 00E eldevis LIFO. ego moti awoft rlaso erl eteluols 2. Which method gives the highest Net Income? Snoiteou 3. Which method gives the highest assets value? ori se anted Date Number of Units Unit Costebs bnie 16ay er of non9 Transaction hiwollol erdt bebuloni vnsomo0 $5 8/1 Beginning inventory 400 000.ara 400 0 $5 000,00S etnuooos lutidưob not soswollA 8/3 Purchase No. 1 eldsvisosA ainuo 8/5 Sale No. 1 600 8/7ols2.Sale No. 2 beiHuoms 0100 panub eldsvieO91 ainuooos no anoilbelloo rdas 8/11 Purchase No. 2 Ulu biuow00 ni ebem sa tibeo eril to dS 1s bstsmile eidifoellooe 8/17 Sale No. 3 700 8/19 Purchase No. 3 1000 $7 anuoo uob 1ot eoneolls ert lo seonsled ertt onimmats 8/21ob tot Sale No. 4T ebsm 600neqx ideb bsd bioo91 ct insemlaujbs orl 1e vthe poitauibs entt ol nong eonslad libero e esit atnuo 600 8/28 Sale No. 5 E rotes 1200 aonslsd inuc priwcllol odt bard no $9 Ieinolo,tOS rC 1edmsoe0 8/29 Purchase No. 4 Ending Inventorybe onibioaen ol tohq 2oldesvisoe1 bne eelsa tiba1o of bel scconu 8/30 000. aldsvieoen ainuc
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Question 4
000
ateaas evilouborq no ea noleasiqau
The inventory records of Martin Corporation below reflected the following information for
the month of August.
sidsyeg etnuoo0s ni
1. Determine the amount of the ending inventory and cost of goods sold under each
of the following methods assuming the periodic inventory system. Assuming a
physical count shows there are 1,300 units in the ending inventory.nolesihomA
FIFO
00E
eldevis
LIFO.
ego moti awoft rlaso erl eteluols
2. Which method gives the highest Net Income?
Snoiteou
3. Which method gives the highest assets value?
ori se
anted
Date
Number of Units Unit Costebs bnie 16ay er of non9
Transaction
hiwollol erdt bebuloni vnsomo0
$5
8/1
Beginning inventory
400
000.ara
400 0 $5
000,00S
etnuooos lutidưob not soswollA
8/3
Purchase No. 1
eldsvisosA ainuo
8/5
Sale No. 1
600
8/7ols2.Sale No. 2 beiHuoms 0100 panub eldsvieO91 ainuooos no anoilbelloo rdas
8/11
Purchase No. 2
Ulu biuow00 ni ebem sa tibeo eril to dS 1s bstsmile
eidifoellooe
8/17
Sale No. 3
700
8/19
Purchase No. 3
1000
$7
anuoo uob 1ot eoneolls ert lo seonsled ertt onimmats
8/21ob tot Sale No. 4T ebsm 600neqx ideb bsd bioo91 ct insemlaujbs orl 1e
vthe poitauibs entt ol nong eonslad libero e esit atnuo
600
8/28
Sale No. 5
E rotes
1200
aonslsd inuc priwcllol odt bard no
$9
Ieinolo,tOS rC 1edmsoe0
8/29
Purchase No. 4
Ending Inventorybe onibioaen ol tohq 2oldesvisoe1 bne eelsa tiba1o of bel
scconu
8/30
000.
aldsvieoen ainuc
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