DateTransactionNumber of UnitsUnit Cost& 1Beginning inventory400$108/3Purchase No. 1600$1085Sale No. 1500817Sale No. 22008/11Purchase No. 2800$128/17Sale No. 319008/19Purchase No. 31500$118/21Sale No. 4I8008/28Sale No. 55008/29Purchase No. 4900$108/30 Ending inventoryRequired:Determine the amount of the ending inventory and cost of goods sold underof the following methods assuming the periodic inventory system.MethodWeighted-averagebFIFOSeachInventoryCost of GoodsSold$$

Name: DateTransactionNumber of UnitsUnit Cost& 1Beginning inventory400$108/
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Description: DateTransactionNumber of UnitsUnit Cost& 1Beginning inventory400$108/3Purchase No. 1600$1085Sale No. 1500817Sale No. 22008/11Purchase No. 2800$128/17Sale No. 319008/19Purchase No. 31500$118/21Sale No. 4I8008/28Sale No. 55008/29Purchase No. 4900$108/

The inventory can be valued using various methods as FIFO, LIFO and average method. Using FIFO…

Business

Accounting

Date Transaction Num 8/1 Beginning inventory 8/3 Purchase No. 1 8/5 Sale No. 1 817 Sale No. 2 8/11 Purchase No. 2 8/17 Sale No. 3 8/19 Purchase No. 3 8/21 Sale No. 4 I 8/28 Sale No. 5 8/29 Purchase No. 4 8/30 Ending inventory Required: Determine the amount of the ending inventory and cost of goods sold un of the following methods assuming the periodic inventory system. Method Weighted-average FIFO 55 Inventory

Date Transaction Num 8/1 Beginning inventory 8/3 Purchase No. 1 8/5 Sale No. 1 817 Sale No. 2 8/11 Purchase No. 2 8/17 Sale No. 3 8/19 Purchase No. 3 8/21 Sale No. 4 I 8/28 Sale No. 5 8/29 Purchase No. 4 8/30 Ending inventory Required: Determine the amount of the ending inventory and cost of goods sold un of the following methods assuming the periodic inventory system. Method Weighted-average FIFO 55 Inventory

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.19E: Inventory on the balance sheet Based on thy data in Exercise 6-18 and assuming that cost was...

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

Question

Date
Transaction
Number of Units
Unit Cost
& 1
Beginning inventory
400
$10
8/3
Purchase No. 1
600
$10
85
Sale No. 1
500
817
Sale No. 2
200
8/11
Purchase No. 2
800
$12
8/17
Sale No. 3
1900
8/19
Purchase No. 3
1500
$11
8/21
Sale No. 4
I
800
8/28
Sale No. 5
500
8/29
Purchase No. 4
900
$10
8/30 Ending inventory
Required:
Determine the amount of the ending inventory and cost of goods sold under
of the following methods assuming the periodic inventory system.
Method
Weighted-average
b
FIFO
S
each
Inventory
Cost of Goods
Sold
$
$

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