Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 84 units-62 units from the January 6 purchase and 22 units from the January 25 purchase. January 1 Beginning inventory Purchase January 6 January 17 January 25 Purchase Purchase Totals Req A to D Req E 195 units @ $4.40 374 units @ $4.00 600 units @ $3.50 34 units @ $3.20 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the lowest net income? 1,203 units Complete this question by entering your answers in the tabs below. (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO Ending Inventory $858.00 = 1,496.00 = 2,100.00 108.80 $ 4,562.80 Determine the cost assigned to ending inventory and to cost of goods sold for the following. Note: Do not round intermediate calculations and round your answers to nearest whole dollar. Cost of Goods Sold

Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 84 units-62 units from the January 6 purchase and 22 units from the January 25 purchase. January 1 Beginning inventory Purchase January 6 January 17 January 25 Purchase Purchase Totals Req A to D Req E 195 units @ $4.40 374 units @ $4.00 600 units @ $3.50 34 units @ $3.20 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the lowest net income? 1,203 units Complete this question by entering your answers in the tabs below. (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO Ending Inventory $858.00 = 1,496.00 = 2,100.00 108.80 $ 4,562.80 Determine the cost assigned to ending inventory and to cost of goods sold for the following. Note: Do not round intermediate calculations and round your answers to nearest whole dollar. Cost of Goods Sold

Name: Flora's Gifts reported the following current-month data for its only
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Description: Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and itsending inventory consists of 84 units-62 units from the January 6 purchase and 22 units from the January 25 purchase.J

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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