Fillipo, Inc., had 800 units of inventory on hand at March 1, 2006, costing $20 each. Purchases and sales of inventory during the month of March were as follows: \table [[Date, Purchases,Sales], [March 8,,600 units], [15,400 units @ $22 each, ], [22,400 units @ $24 each,], [27,,400 units]] Fillipo uses the periodic inventory system The cost of inventory at the end of March applying the average method is: i need a detailed answer with steps please Fillipo, Inc., had 800 units of inventory on hand at March 1, 2006, costing $20 each. Purchases and sales of inventory during the month of March were as follows: Date Purchases March 8 Sales 600 units 15 400 units @ $22 each 22 400 units @ $24 each 27 400 units Fillipo uses the periodic inventory system The cost of inventory at the end of March applying the average method is:

Fillipo, Inc., had 800 units of inventory on hand at March 1, 2006, costing $20 each. Purchases and sales of inventory during the month of March were as follows: \table [[Date, Purchases,Sales], [March 8,,600 units], [15,400 units @ $22 each, ], [22,400 units @ $24 each,], [27,,400 units]] Fillipo uses the periodic inventory system The cost of inventory at the end of March applying the average method is: i need a detailed answer with steps please Fillipo, Inc., had 800 units of inventory on hand at March 1, 2006, costing $20 each. Purchases and sales of inventory during the month of March were as follows: Date Purchases March 8 Sales 600 units 15 400 units @ $22 each 22 400 units @ $24 each 27 400 units Fillipo uses the periodic inventory system The cost of inventory at the end of March applying the average method is:

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

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Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?
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Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Sales: The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO and FIFO inventory cost flow methods and their potential impacts on the companys financial statements.
Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. 2. Determine the cost of the inventory on December 31 by the last-in, first-out method, following the procedures indicated in (1). 3. Determine the cost of the inventory on December 31 by the weighted average cost method, using the columnar headings indicated in (1). 4. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
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