# of Units Unit Cost Total Cost Jan 1 Beginning Inventory 09 009$ 066$ $1,300 Jan 12 Purchase $11 06 Jan 23 Purchase $13 Jan 29 Purchase 50 $16 $800 Totals 069 Units Sold = 220 Units in Ending Inventory = 80 %3D Calculate Cost of Goods Sold and Ending Inventory assuming a periodic inventory system under the LIFO method. Calculate Cost of Goods Sold and Ending Inventory assuming a periodic inventory system under the FIFO method. Calculate Cost of Goods Sold and Ending Inventory assuming a periodic inventory system under the Weighted Average method. (round to two decimal places)
# of Units Unit Cost Total Cost Jan 1 Beginning Inventory 09 009$ 066$ $1,300 Jan 12 Purchase $11 06 Jan 23 Purchase $13 Jan 29 Purchase 50 $16 $800 Totals 069 Units Sold = 220 Units in Ending Inventory = 80 %3D Calculate Cost of Goods Sold and Ending Inventory assuming a periodic inventory system under the LIFO method. Calculate Cost of Goods Sold and Ending Inventory assuming a periodic inventory system under the FIFO method. Calculate Cost of Goods Sold and Ending Inventory assuming a periodic inventory system under the Weighted Average method. (round to two decimal places)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question

Transcribed Image Text:# of Units
Unit Cost
Total Cost
Jan 1 Beginning Inventory
09
009$
066$
$1,300
Jan 12 Purchase
$11
06
Jan 23 Purchase
$13
Jan 29 Purchase
50
$16
$800
Totals
069
Units Sold = 220
Units in Ending Inventory = 80
%3D
Calculate Cost of Goods Sold and Ending Inventory assuming a periodic inventory system under the LIFO
method.
Calculate Cost of Goods Sold and Ending Inventory assuming a periodic inventory system under the FIFO
method.
Calculate Cost of Goods Sold and Ending Inventory assuming a periodic inventory system under the
Weighted Average method. (round to two decimal places)
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education