E6A-1 Calculating periodic inventory amounts [10–15 min]The periodic inventory records of Synergy Prosthetics indicate the following at 31 July:6 units @ $605 units @ $6710 units @ $705 units @ $85Beginning inventoryPurchaseJul 18.15Purchase26PurchaseAt 31 July, Synergy counts two units of inventory on hand.RequirementCalculate ending inventory and cost of sales, using each of the following methods:a average cost (round average unit cost to the nearest cent)b first in, first outc last in, first out.

Name: E6A-1 Calculating periodic inventory amounts [10–15 min]The periodic
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Description: E6A-1 Calculating periodic inventory amounts [10–15 min]The periodic inventory records of Synergy Prosthetics indicate the following at 31 July:6 units @ $605 units @ $6710 units @ $705 units @ $85Beginning inventoryPurchaseJul 18.15Purchase26Purcha

Answer a) Calculation of cost of goods sold using Average cost method, periodic inventory system…

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E6A-1 Calculating periodic inventory amounts [10–15 min] The periodic inventory records of Synergy Prosthetics indicate the following at 31 July: lul 1 8. Beginning inventory Purchase Purchase 6 units @ $60 5 units @ $67 10 units @ $70 5 units @ $85 15 26 Purchase At 31 July, Synergy counts two units of inventory on hand. Requirement Calculate ending inventory and cost of sales, using each of the following methods: a average cost (round average unit cost to the nearest cent) o first in, first out : last in, first out.

E6A-1 Calculating periodic inventory amounts [10–15 min] The periodic inventory records of Synergy Prosthetics indicate the following at 31 July: lul 1 8. Beginning inventory Purchase Purchase 6 units @ $60 5 units @ $67 10 units @ $70 5 units @ $85 15 26 Purchase At 31 July, Synergy counts two units of inventory on hand. Requirement Calculate ending inventory and cost of sales, using each of the following methods: a average cost (round average unit cost to the nearest cent) o first in, first out : last in, first out.

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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