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, 20 percent. Required: 1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.Note: Do not round your intermediate calculations. Finish my chart and correct it Cost of Goods Sold Inventory Costing Method Units FIFO LIFO Average Cost Beginning inventory 2,000 $76,000 Purchases 8,000 Goods available for sale 10,000 76,000 0 0 Ending inventory 1,800 72,000 68,400 71,280 Cost of goods sold 396,000 $324,000 $327,600 $324,720
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, 20 percent. Required: 1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.Note: Do not round your intermediate calculations. Finish my chart and correct it Cost of Goods Sold Inventory Costing Method Units FIFO LIFO Average Cost Beginning inventory 2,000 $76,000 Purchases 8,000 Goods available for sale 10,000 76,000 0 0 Ending inventory 1,800 72,000 68,400 71,280 Cost of goods sold 396,000 $324,000 $327,600 $324,720
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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, 20 percent.
Required:
1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.
Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.
Note: Do not round your intermediate calculations.
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