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Date Description Quantity 1/06/2022 Purchased 6 Items @ $5 per item 2/16/2022 Purchased 5 items @ $6 per item 7/06/2022 Sold 6 items 7/08/2022 Purchased 4 items @ $7 per item 8/15/2022 Sold 5 items 9/01/2022 Sold 3 items 9/20/2022 Purchased 7 items @ $8 per item 10/10/2022 Sold 4 items 12/01/2022 Purchased 3 items @ $9 per item a. Calculate both the ending inventory and the COGS using the FIFO method. b. Prepare the income statement assuming the company had sales of $500 Income Stmt

Date Description Quantity 1/06/2022 Purchased 6 Items @ $5 per item 2/16/2022 Purchased 5 items @ $6 per item 7/06/2022 Sold 6 items 7/08/2022 Purchased 4 items @ $7 per item 8/15/2022 Sold 5 items 9/01/2022 Sold 3 items 9/20/2022 Purchased 7 items @ $8 per item 10/10/2022 Sold 4 items 12/01/2022 Purchased 3 items @ $9 per item a. Calculate both the ending inventory and the COGS using the FIFO method. b. Prepare the income statement assuming the company had sales of $500 Income Stmt

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 16P: (Appendix 8.1) Inventory Write-Down Frost Companys inventory records tor the years 2019 and 2020...
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7)      
  Date Description Quantity
  1/06/2022 Purchased 6 Items @ $5 per item
  2/16/2022 Purchased 5 items @ $6 per item
  7/06/2022 Sold 6 items
  7/08/2022 Purchased 4 items @ $7 per item
  8/15/2022 Sold 5 items
  9/01/2022 Sold 3 items   
  9/20/2022 Purchased 7 items @ $8 per item
  10/10/2022 Sold 4 items   
  12/01/2022 Purchased 3 items @ $9 per item
a. Calculate both the ending inventory and the COGS using the FIFO method.
       
b. Prepare the income statement assuming the company had sales of $500
       
  Income Stmt  
  $                               -      
       
                                     -        
           
                                     -   Net Income  
a. Calculate both the ending inventory and the COGS using the LIFO method.          
                 
b. Prepare the Income Statement, Rtatement of Retained Earnings and Balance Sheet assuming the company had cash sales of $100,000

 

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