Arthur has a bird shop that sells canaries. Arthur maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2024. Date January 1 April 14 August 22 October 29 Transactions Beginning inventory Purchase Purchase Purchase Units 44 61 Ending inventory Cost of goods sold 111 76 292 260 Unit Cost $21 23 25 27 Total Cost $924 1,403 2,775 2,052 $7,154 January 1 to December 31 Sales ($41 each) Arthur uses a periodic inventory system and believes there are 32 birds remaining in ending inventory. However, Arthur neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 22 birds in ending inventory. Arthur is not aware of the lost canaries. 2. What amount would Arthur calculate for ending inventory and cost of goods sold using FIFO if he knew that only 22 canaries remain in ending inventory?

Arthur has a bird shop that sells canaries. Arthur maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2024. Date January 1 April 14 August 22 October 29 Transactions Beginning inventory Purchase Purchase Purchase Units 44 61 Ending inventory Cost of goods sold 111 76 292 260 Unit Cost $21 23 25 27 Total Cost $924 1,403 2,775 2,052 $7,154 January 1 to December 31 Sales ($41 each) Arthur uses a periodic inventory system and believes there are 32 birds remaining in ending inventory. However, Arthur neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 22 birds in ending inventory. Arthur is not aware of the lost canaries. 2. What amount would Arthur calculate for ending inventory and cost of goods sold using FIFO if he knew that only 22 canaries remain in ending inventory?

Name: Arthur has a bird shop that sells canaries. Arthur maintains accurate
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Description: Arthur has a bird shop that sells canaries. Arthur maintains accurate records on the number of birds purchasedfrom its suppliers and the number sold to customers. The records show the following purchases and salesduring 2024.DateJanuary 1April 14Aug

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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