QUESTION 2Honest Tea, Inc. is a merchandiser. Use the following information to its Inventory balance on its December 31 year-end balance sheet.Note: All purchases of inventory are on account.Cost of Goods Sold during the yearJanuary 1 InventorySales during the yearDecember 31 Accounts ReceivablePurchases of Inventory on Account during the yearDecember 31 Inventory = $__$39,000$10,000$71,000$17,000$30,000

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Description: QUESTION 2Honest Tea, Inc. is a merchandiser. Use the following information to its Inventory balance on its December 31 year-end balance sheet.Note: All purchases of inventory are on account.Cost of Goods Sold during the yearJanuary 1 InventorySales

The ending inventory is the value of stock that remains at the end of the accounting period.It is…

Answered: December 31 Inventory!

Business

Accounting

December 31 Inventory!

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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ces Date March 1 March 5 March 9 March 18 March 25 March 29 Problem 6-1A (Algo) Part 3 Perpetual FIFO Perpetual LIFO Date March 1 Complete this question by entering your answers in the tabs below. March 5 Weighted Average Compute the cost assigned to ending inventory using LIFO. Total March 5 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase. March 9 Total March 9 March 18 Total March 18 Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit Goods Purchased # of units 80 units @ $60.80 per unit 140 units @ $62.80 per unit Specific Id 530 units Cost per # of units unit sold Perpetual LIFO: Cost of Goods Sold Cost per…
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