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CHECK FIGURES: 1. Ending inventory; a. S12,705; b. S12,572.75; 2. Ending inventory S12,610 The Bandola Company has the following inventory purchases during the fiscal year ended December 31, 2020. Beginning units @ Feb. 22 units Jul. 10 @ S121/unit Bandola Company has two credit sales during the period. The units have a selling price of $285 per unit. 250 $114/unit 450 @ SI18'unit 380 units Sales Apr. 1 Dec. 11 550 units 425 units Bandola Company uses a perpetual inventory system. Required 1. Calculate the dollar value of cost of goods sold and ending inventory using a. FIFO b. Moving weighted average method. Round to two decimal places. 2. Calculate the dollar value of cost of goods sold and ending inventory using specific identification assuming the sales were specifically identified as follows 220 units from beginning Apr. I inventory 330 units from the February 22 purchase Dec. I1 100 25 units from beginning inventory units from the February 22 purchase 300 units from the July 10 purchase 3. Using information from your answers in Parts 1 and 2, journalize the credit sale on December 11 for each of: ( a. FIFO b. Moving weighted average e. Specific identification

CHECK FIGURES: 1. Ending inventory; a. S12,705; b. S12,572.75; 2. Ending inventory S12,610 The Bandola Company has the following inventory purchases during the fiscal year ended December 31, 2020. Beginning units @ Feb. 22 units Jul. 10 @ S121/unit Bandola Company has two credit sales during the period. The units have a selling price of $285 per unit. 250 $114/unit 450 @ SI18'unit 380 units Sales Apr. 1 Dec. 11 550 units 425 units Bandola Company uses a perpetual inventory system. Required 1. Calculate the dollar value of cost of goods sold and ending inventory using a. FIFO b. Moving weighted average method. Round to two decimal places. 2. Calculate the dollar value of cost of goods sold and ending inventory using specific identification assuming the sales were specifically identified as follows 220 units from beginning Apr. I inventory 330 units from the February 22 purchase Dec. I1 100 25 units from beginning inventory units from the February 22 purchase 300 units from the July 10 purchase 3. Using information from your answers in Parts 1 and 2, journalize the credit sale on December 11 for each of: ( a. FIFO b. Moving weighted average e. Specific identification

FINANCIAL ACCOUNTING
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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Perpetual Inventory - Alternative cost flows CHECK FIGURES: 1. Ending inventory; a. S12,705; b. S12,572.75; 2. Ending inventory $12,610 The Bandola Company has the following inventory purchases during the fiscal year ended December 31, 2020. Beginning units 250 @ S114/unit Feb. 22 450 units @ s118'unit Jul. 10 @ Bandola Company has two credit sales during the period. The units have a selling price of $285 per unit. 380 units S121/unit Sales Apr. 1 Dec. 11 550 units 425 units Bandola Company uses a perpetual inventory system. Required 1. Calculate the dollar value of cost of goods sold and ending inventory using a. FIFO b. Moving weighted average method. Round to two decimal places. 2. Calculate the dollar value of cost of goods sold and ending inventory using specific identification assuming the sales were specifically identified as follows Apr. I inventory 330 purchase Dec. 11 100 220 units from beginning units from the February 22 25 units from beginning inventory units from the February 22 purchase 300 units from the July 10 purchase 3. Using information from your answers in Parts 1 and 2, journalize the credit sale on December 11 for cach of: ( a. FIFO b. Moving weighted average c. Specific identification
Transcribed Image Text:Perpetual Inventory - Alternative cost flows CHECK FIGURES: 1. Ending inventory; a. S12,705; b. S12,572.75; 2. Ending inventory $12,610 The Bandola Company has the following inventory purchases during the fiscal year ended December 31, 2020. Beginning units 250 @ S114/unit Feb. 22 450 units @ s118'unit Jul. 10 @ Bandola Company has two credit sales during the period. The units have a selling price of $285 per unit. 380 units S121/unit Sales Apr. 1 Dec. 11 550 units 425 units Bandola Company uses a perpetual inventory system. Required 1. Calculate the dollar value of cost of goods sold and ending inventory using a. FIFO b. Moving weighted average method. Round to two decimal places. 2. Calculate the dollar value of cost of goods sold and ending inventory using specific identification assuming the sales were specifically identified as follows Apr. I inventory 330 purchase Dec. 11 100 220 units from beginning units from the February 22 25 units from beginning inventory units from the February 22 purchase 300 units from the July 10 purchase 3. Using information from your answers in Parts 1 and 2, journalize the credit sale on December 11 for cach of: ( a. FIFO b. Moving weighted average c. Specific identification
3. Using information from your answers and 2, journalize the credit sale on December 11 for each of: ( in Parts 1 a. FIFO b. Moving weighted average c. Specific identification
Transcribed Image Text:3. Using information from your answers and 2, journalize the credit sale on December 11 for each of: ( in Parts 1 a. FIFO b. Moving weighted average c. Specific identification
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