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Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost 190 units @$2$ 380 @$3$ 900 @ $4 $960 FIFO 300 units 240 units 80 units 810 units Periodic Inventory System @$5$400 Complete this question by entering your answers in the tabs below. $ 2,640 Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Ending Cost of Inventory Goods Sold Units Sold at Retail 122 units @$8 @ $8 @ $8 The company uses a periodic inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for each method. 210 units 176 units 508 units

Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost 190 units @$2$ 380 @$3$ 900 @ $4 $960 FIFO 300 units 240 units 80 units 810 units Periodic Inventory System @$5$400 Complete this question by entering your answers in the tabs below. $ 2,640 Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Ending Cost of Inventory Goods Sold Units Sold at Retail 122 units @$8 @ $8 @ $8 The company uses a periodic inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for each method. 210 units 176 units 508 units

FINANCIAL ACCOUNTING
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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Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase. Sales Purchase. Sales Purchase. Totals FIFO Units Acquired at Cost 190 units 300 units Periodic Inventory System 240 units 80 units 810 units @ $2 = $380 @$3-$900 @ $4$ 960 @$5$400 $ 2,648 Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Ending Cost of Inventory Goods Sold Units Sold at Retail 122 units @ $8 @ $8 @ $8 210 units The company uses a periodic inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for each method. Complete this question by entering your answers in the tabs below. 176 units 508 units
Transcribed Image Text:Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase. Sales Purchase. Sales Purchase. Totals FIFO Units Acquired at Cost 190 units 300 units Periodic Inventory System 240 units 80 units 810 units @ $2 = $380 @$3-$900 @ $4$ 960 @$5$400 $ 2,648 Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Ending Cost of Inventory Goods Sold Units Sold at Retail 122 units @ $8 @ $8 @ $8 210 units The company uses a periodic inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for each method. Complete this question by entering your answers in the tabs below. 176 units 508 units
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