E7-3 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1 Enter the missing dollar amounts for the income statement for each of the following independent cases: Cases A B с D E Sales Revenue $ Beginning Inventory 1,800 $ 1,540 990 1,360 Purchases 250 $ 1,600 120 1,280 170 740 1,020 Total Available 1,270 Ending Inventory $ 520 240 290 Cost of Goods Sold 690 Gross Profit 310 650 Expenses $ 300 280 180 120 Pretax Income (Loss) 160 270 (20)
E7-3 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1 Enter the missing dollar amounts for the income statement for each of the following independent cases: Cases A B с D E Sales Revenue $ Beginning Inventory 1,800 $ 1,540 990 1,360 Purchases 250 $ 1,600 120 1,280 170 740 1,020 Total Available 1,270 Ending Inventory $ 520 240 290 Cost of Goods Sold 690 Gross Profit 310 650 Expenses $ 300 280 180 120 Pretax Income (Loss) 160 270 (20)
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 5PB: Pappas Appliances uses the periodic inventory system. Details regarding the inventory of appliances...
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H9.
![E7-3 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1
Enter the missing dollar amounts for the income statement for each of the following independent cases:
Cases
A
B
C
D
E
Sales
Revenue
Beginning
Inventory
$ 1,800 $
1,540
990
1,360
Purchases
250 $ 1,600
120
1,280
170
740
1,020
Total
Available
1,270
Ending
Inventory
$
520
240
290
Cost of
Goods Sold
690
Gross
Profit
310
650
Expenses
$
300
280
180
120
Pretax
Income
(Loss)
160
270
(20)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F344e5796-d304-4889-a0e0-06ab7f23b967%2F7b126b7a-86ab-42cb-8e1b-b8a25d02438a%2F3ysk5h_processed.png&w=3840&q=75)
Transcribed Image Text:E7-3 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1
Enter the missing dollar amounts for the income statement for each of the following independent cases:
Cases
A
B
C
D
E
Sales
Revenue
Beginning
Inventory
$ 1,800 $
1,540
990
1,360
Purchases
250 $ 1,600
120
1,280
170
740
1,020
Total
Available
1,270
Ending
Inventory
$
520
240
290
Cost of
Goods Sold
690
Gross
Profit
310
650
Expenses
$
300
280
180
120
Pretax
Income
(Loss)
160
270
(20)
![E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost
LO7-2
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the
accounting records provided the following information for product 1:
Inventory, December 31, prior year
For the current year:
Purchase, March 21
Purchase, August 1
Inventory, December 31, current year
Ending inventory
Cost of goods sold
FIFO
Units
1,950
LIFO
5, 130
2,810
4,040
Required:
Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.
(Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.)
Unit Cost
$ 7
9
10
Average Cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F344e5796-d304-4889-a0e0-06ab7f23b967%2F7b126b7a-86ab-42cb-8e1b-b8a25d02438a%2Fepc9fei_processed.png&w=3840&q=75)
Transcribed Image Text:E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost
LO7-2
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the
accounting records provided the following information for product 1:
Inventory, December 31, prior year
For the current year:
Purchase, March 21
Purchase, August 1
Inventory, December 31, current year
Ending inventory
Cost of goods sold
FIFO
Units
1,950
LIFO
5, 130
2,810
4,040
Required:
Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods.
(Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.)
Unit Cost
$ 7
9
10
Average Cost
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