Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,000 units at $38; purchases, 8,000 units at $40; expenses (excluding income taxes), $184,500; ending inventory per physical count at December 31, current year, 1,800 units; sales, 8,200 units; sales price per unit, $75; and average income tax rate, 30 percent. Required: 1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 1-b. Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. Complete this question by entering your answers in the tabs below. Required Required 1A 1B Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. (Do not round your intermediate calculations.) Inventory Costing Method Average Cost of Goods Sold Units FIFO LIFO Cost Beginning inventory Purchases Goods available for 0 0 0 0 sale Ending inventory Cost of goods sold < Required 1A Required 1B >
Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,000 units at $38; purchases, 8,000 units at $40; expenses (excluding income taxes), $184,500; ending inventory per physical count at December 31, current year, 1,800 units; sales, 8,200 units; sales price per unit, $75; and average income tax rate, 30 percent. Required: 1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 1-b. Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods. Complete this question by entering your answers in the tabs below. Required Required 1A 1B Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. (Do not round your intermediate calculations.) Inventory Costing Method Average Cost of Goods Sold Units FIFO LIFO Cost Beginning inventory Purchases Goods available for 0 0 0 0 sale Ending inventory Cost of goods sold < Required 1A Required 1B >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
[The following information applies to the questions displayed below.]
Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise
inventory (ending inventory December 31, prior year), 2,000 units at $38; purchases, 8,000 units at $40;
expenses (excluding income taxes), $184,500; ending inventory per physical count at December 31, current
year, 1,800 units; sales, 8,200 units; sales price per unit, $75; and average income tax rate, 30 percent.
Required:
1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.
1-b. Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods.
Complete this question by entering your answers in the tabs below.
Required Required
1A
1B
Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing
methods. (Do not round your intermediate calculations.)
Inventory Costing Method
Average
Cost of Goods Sold
Units
FIFO
LIFO
Cost
Beginning inventory
Purchases
Goods available for
sale
0
0
0
0
Ending inventory
Cost of goods sold
< Required 1A
Required 1B >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa832b8df-272f-469a-8a76-b9016454c7a4%2F2b918977-14c6-4297-9842-b4235d3464d2%2Fdlolyo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise
inventory (ending inventory December 31, prior year), 2,000 units at $38; purchases, 8,000 units at $40;
expenses (excluding income taxes), $184,500; ending inventory per physical count at December 31, current
year, 1,800 units; sales, 8,200 units; sales price per unit, $75; and average income tax rate, 30 percent.
Required:
1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.
1-b. Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods.
Complete this question by entering your answers in the tabs below.
Required Required
1A
1B
Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing
methods. (Do not round your intermediate calculations.)
Inventory Costing Method
Average
Cost of Goods Sold
Units
FIFO
LIFO
Cost
Beginning inventory
Purchases
Goods available for
sale
0
0
0
0
Ending inventory
Cost of goods sold
< Required 1A
Required 1B >
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