Assume an outlet of The Runner's Store has the following data: Date Item Quantity Unit Costs Sale Price Aug 1 Beginning balance 3 Sale 8 Purchase 11 Sale 19 Sale 24 Sale 40 $40 16 $70 80 41 34 70 72 30 72 30 Purchase 18 42 Requirements: a) Calculate the Cost of Goods Sold and Ending Inventory using FIFO method. b) Calculate the Cost of Goods Sold and Ending Inventory using Weighted Average method. c) Calculate the gross profit under FIFO and Weighted Average method. d) Prepare the journal entries for August 3 and August 8 based on FIFO method. a) FIFO Opening and Purchases Cost of Goods Sold Balance Date Unit Unit Amount Unit Unit Amount Unit Unit Amount Cost Cost Cost Total

Assume an outlet of The Runner's Store has the following data: Date Item Quantity Unit Costs Sale Price Aug 1 Beginning balance 3 Sale 8 Purchase 11 Sale 19 Sale 24 Sale 40 $40 16 $70 80 41 34 70 72 30 72 30 Purchase 18 42 Requirements: a) Calculate the Cost of Goods Sold and Ending Inventory using FIFO method. b) Calculate the Cost of Goods Sold and Ending Inventory using Weighted Average method. c) Calculate the gross profit under FIFO and Weighted Average method. d) Prepare the journal entries for August 3 and August 8 based on FIFO method. a) FIFO Opening and Purchases Cost of Goods Sold Balance Date Unit Unit Amount Unit Unit Amount Unit Unit Amount Cost Cost Cost Total

Name: Paragraph151StylesAssume an outlet of The Runner's Store has the foll
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Description: Paragraph151StylesAssume an outlet of The Runner's Store has the following data:DateItemQuantityUnit CostsSale PriceAug 1 Beginning balance40$40Sale16$708 Purchase804111Sale347019 Sale7224Sale307230 Purchase1842Requirements:a) Calculate the Cost of

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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