Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost $8.00 = 155 units @ @ 210 units @ 455 units 90 units $ 7.00 = $ 6.50 = $ 1,240 630 1,365 $ 3,235 Units sold at Retail 115 units 95 units 210 units @ @ $ 17.00 $ 17.00 The Company uses a periodic inventory system. For specific identification, ending inventory consists of 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.

Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost $8.00 = 155 units @ @ 210 units @ 455 units 90 units $ 7.00 = $ 6.50 = $ 1,240 630 1,365 $ 3,235 Units sold at Retail 115 units 95 units 210 units @ @ $ 17.00 $ 17.00 The Company uses a periodic inventory system. For specific identification, ending inventory consists of 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.

Name: 9 DateJanuary 1January 10January 20January 25January 30Specific IdActi
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Description: 9 DateJanuary 1January 10January 20January 25January 30Specific IdActivitiesBeginning inventorySalesPurchaseSalesPurchaseTotalsBeginning inventoryPurchases:January 20January 30TotalWeightedAverageComplete this question by entering your answers in the

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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