Exercise 6-06 Larkspur, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 91 units were sold. Units Unit Cost Total Cost May 1 Inventory 42 $15 $630 15 Purchases 35 18 630 24 Purchases 49 19 931 Totals 126 $2,191 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31 $4 Cost of goods sold %24 %24 %24 %24

Exercise 6-06 Larkspur, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 91 units were sold. Units Unit Cost Total Cost May 1 Inventory 42 $15 $630 15 Purchases 35 18 630 24 Purchases 49 19 931 Totals 126 $2,191 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31 $4 Cost of goods sold %24 %24 %24 %24

Name: Exercise 6-06Larkspur, Inc. uses a periodic inventory system. Its rec
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Description: Exercise 6-06Larkspur, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 91 units were sold.UnitsUnit CostTotal CostMay 1Inventory42$15$63015Purchases351863024Purchases4919931Totals126$2,191Compute

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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raw A company's inventory records indicate the following data for the month of April Units Acquired at Cost 780 units@ $36- $28,080 660 units@ $40 - $26,400 Date April 1 April 7 April 11 April 16 April 22 Sale O Activities Beginning inventory Purchase Sale Multiple Choice O Purchase O 400 units @ $110 The company uses a periodic inventory system. Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 280 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory. $31,220. $23,480 $19,120 $36.850 580 units@ $44- $25,520 $22.960. Units Sold at Retail 1,160 units @ $110 . P C
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