Beginning Inventory, June 1 Purchase, June 8 Purchase, June 19 Inventory, June 31 Units 580 265 890 290 1. The value assigned to ending inventory if Planter's uses a periodic LIFO system is A. $6,525.00 B. $6,235.00 C. $7,496.50 D. $6,701.90 Price $25.85 $22.50 $21.50 2. The value assigned to ending inventory if Planter's uses a periodic average system is: A. $6,701.90 B. $6,525.00 C. $7,496.50 D. $6,235.00 B. $33,855.50 C. $32,594.00 D. $33,388.60 ( 3. The value assigned to cost of goods sold if Planter's uses a periodic FIFO system is A. $6,235.00 4. The value assigned to cost of goods sold if Planter's uses a perpetual FIFO system is A. $6,235.00 B. $33,855.50 C. Not enough information to determine this. D. $33,388.60
Beginning Inventory, June 1 Purchase, June 8 Purchase, June 19 Inventory, June 31 Units 580 265 890 290 1. The value assigned to ending inventory if Planter's uses a periodic LIFO system is A. $6,525.00 B. $6,235.00 C. $7,496.50 D. $6,701.90 Price $25.85 $22.50 $21.50 2. The value assigned to ending inventory if Planter's uses a periodic average system is: A. $6,701.90 B. $6,525.00 C. $7,496.50 D. $6,235.00 B. $33,855.50 C. $32,594.00 D. $33,388.60 ( 3. The value assigned to cost of goods sold if Planter's uses a periodic FIFO system is A. $6,235.00 4. The value assigned to cost of goods sold if Planter's uses a perpetual FIFO system is A. $6,235.00 B. $33,855.50 C. Not enough information to determine this. D. $33,388.60
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
answer 3 and 4 in detail
Transcribed Image Text:Beginning Inventory, June 1
Purchase, June 8
Purchase, June 19
Inventory, June 31
3.
Units
580
265
890
290
1. The value assigned to ending inventory if Planter's uses a periodic LIFO system is
A. $6,525.00
B. $6,235.00
C. $7,496.50
D. $6,701.90
2. The value assigned to ending inventory if Planter's uses a periodic average system is:
A. $6,701.90
B. $6,525.00
C. $7,496.50
D. $6,235.00
Price
$25.85
$22.50
$21.50
The value assigned to cost of goods sold if Planter's uses a periodic FIFO system is
A. $6,235.00
B. $33,855.50
C. $32,594.00
D. $33,388.60
4. The value assigned to cost of goods sold if Planter's uses a perpetual FIFO system is
A. $6,235.00
B. $33,855.50
C. Not enough information to determine this.
D. $33,388.60
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