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
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 19E: (Appendix 8.1) Inventory Write-Down The inventories of Berry Company for the years 2019 and 2020 are...
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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 |
excel please and answer all parts
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