Ex.Clear Sound Audio uses a periodic inventory system. One of the store's most popular products is an MP8 car stereo system. Theinventory quantities, purchases, and sales of this product for the most recent year are as follows.Inventory, Jan. 1First purchase (May 12)Second purchase (July 9)Third purchase (Oct. 4)Fourth purchase (Dec. 18)Goods available for saleUnits sold during the yearInventory, Dec. 31Numberof UnitsNG ER NG7322Costper Unit$299306308315320Total Cost$ 3,5884,5906,4682,5205,440$22,606Instructionsa. Using periodic costing procedures, compute the cost of the December 31 inventory and the cost of goods sold for the MPS systemsduring the year under each of the following cost flow assumptions.1. First-in, first-out.2. Last-in, first-out.3. Average cost (round to nearest dollar, except unit cost, and ignore small total rounding difference).

Name: Ex.Clear Sound Audio uses a periodic inventory system. One of the sto
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Description: Ex.Clear Sound Audio uses a periodic inventory system. One of the store's most popular products is an MP8 car stereo system. Theinventory quantities, purchases, and sales of this product for the most recent year are as follows.Inventory, Jan. 1First

Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

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Ex. Clear Sound Audio uses a periodic inventory system. One of the store's most popular products is an MPS car stereo system. The inventory quantities, purchases, and sales of this product for the most recent year are as follows. Inventory, Jan. 1 First purchase (May 12) Second purchase (July 9) Third purchase (Oct. 4) Fourth purchase (Dec. 18) Goods available for sale Units sold during the year Inventory, Dec. 31 Number of Units 12 15 21 8 17 73 51 22 Cost per Unit $299 306 308 315 320 Total Cost $3,588 4,590 6,468 2,520 5,440 $22,606 Instructions a. Using periodic costing procedures, compute the cost of the December 31 inventory and the cost of goods sold for the MPS systems during the year under each of the following cost flow assumptions. 1. First-in, first-out. 2. Last-in, first-out. 3. Average cost (round to nearest dollar, except unit cost, and ignore small total rounding difference).

Ex. Clear Sound Audio uses a periodic inventory system. One of the store's most popular products is an MPS car stereo system. The inventory quantities, purchases, and sales of this product for the most recent year are as follows. Inventory, Jan. 1 First purchase (May 12) Second purchase (July 9) Third purchase (Oct. 4) Fourth purchase (Dec. 18) Goods available for sale Units sold during the year Inventory, Dec. 31 Number of Units 12 15 21 8 17 73 51 22 Cost per Unit $299 306 308 315 320 Total Cost $3,588 4,590 6,468 2,520 5,440 $22,606 Instructions a. Using periodic costing procedures, compute the cost of the December 31 inventory and the cost of goods sold for the MPS systems during the year under each of the following cost flow assumptions. 1. First-in, first-out. 2. Last-in, first-out. 3. Average cost (round to nearest dollar, except unit cost, and ignore small total rounding difference).

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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Subject : Accounting
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