Givoly Inc. uses a periodic inventory system. At the end of the annual accounting period, December 31 of the cu the accounting records provided the following information for product 2: Units Unit Cost Inventory, December 31, prior year For the current year: Purchase, March 5 Purchase, September 19 Sale ($27 each) Sale ($29 each) Operating expenses (excluding income tax expense) 7,400 $ 12 19,400 10,400 8,400 16,400 10 6. $404,000

Givoly Inc. uses a periodic inventory system. At the end of the annual accounting period, December 31 of the cu the accounting records provided the following information for product 2: Units Unit Cost Inventory, December 31, prior year For the current year: Purchase, March 5 Purchase, September 19 Sale ($27 each) Sale ($29 each) Operating expenses (excluding income tax expense) 7,400 $ 12 19,400 10,400 8,400 16,400 10 6. $404,000

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Description: SavedHelpRequired informationE7-8 (Algo) Analyzing and Interpreting the Financial Statement Effects of LIFO and FIFO LO7-2, 7-3[The following information applies to the questions displayed below.]Givoly Inc. uses a periodic inventory system. At the

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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Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Transactions Units Unit Cost Beginning inventory, January 1 360 $5.00 Transactions during the year: a. Purchase, January 30 260 3.00 b. Purchase, May 1 420 6.00 c. Sale ($7 each) (120) d. Sale ($7 each) (660) Required: a. Compute the amount of goods available for sale. b. &c. Compute the amount of ending inventory and cost of goods sold at December 31, under Average cost, First in, first out, Last-in, first-out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1.
s Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $41 per unit) e. Sale, July 3 (sold for $41 per unit) f. Operating expenses (excluding income tax expense), $18,100 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. Units Unit Cost 300 $ 13 900 11 800 14 300 620 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows under the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes…
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