Country Sporting Goods started April with an inventory of 8 sets of golf clubs that cost a total of $1,192. During April, Country purchased 20 sets of clubs for $3,180. At the end of the month, Country had eight sets of golf clubs on hand. The store manager must select an inventory costing method, and he asks you to tell him both cost of goods sold and ending inventory under these three accounting methods, assuming the periodic inventory system is used: 1a. Weighted-average cost 1b. FIFO 2. If the store manager wants the most current cost for ending inventory, which method should he choose? Determine the cost of goods sold and ending inventory amounts under the two methods. (Round your interim calculations to the nearest cent. Round your final answers to the nearest dollar.) 1a. Average Cost 1b. FIFO Cost Cost of goods sold Ending inventory 2. If the store manager wants the most current cost for ending inventory, which method should he choose? The store manager should choose because the cost of inventory is , and therefore, results in the most current cost for ending inventory.

Country Sporting Goods started April with an inventory of 8 sets of golf clubs that cost a total of $1,192. During April, Country purchased 20 sets of clubs for $3,180. At the end of the month, Country had eight sets of golf clubs on hand. The store manager must select an inventory costing method, and he asks you to tell him both cost of goods sold and ending inventory under these three accounting methods, assuming the periodic inventory system is used: 1a. Weighted-average cost 1b. FIFO 2. If the store manager wants the most current cost for ending inventory, which method should he choose? Determine the cost of goods sold and ending inventory amounts under the two methods. (Round your interim calculations to the nearest cent. Round your final answers to the nearest dollar.) 1a. Average Cost 1b. FIFO Cost Cost of goods sold Ending inventory 2. If the store manager wants the most current cost for ending inventory, which method should he choose? The store manager should choose because the cost of inventory is , and therefore, results in the most current cost for ending inventory.

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Description: Please do not give solution in image format thanku Country Sporting Goods started April with an inventory of 8 sets of golf clubs that cost a total of $1,192. During April, Country purchased 20 sets of clubs for $3,180. At the end of the month, Count

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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