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Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, 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 Transactions during the year: Units Unit Cost Beginning inventory, January 1 3,100 $ 40 4,400 55 b. Sale, March 14 ($100 each) (2,750) 3,100 (3,200) 70 a. Purchase, January 30 c. Purchase, May 1 d. Sale, August 31 ($100 each) Assuming that for Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 using the specific identification method, assuming that the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. Complete this question by entering your answers in the tabs below. Req 1 Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the inventory costing methods. (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) Specific identification Amount of Goods Available for Sale Ending Inventory Cost of Goods Sold < Req 1 next

Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, 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 Transactions during the year: Units Unit Cost Beginning inventory, January 1 3,100 $ 40 4,400 55 b. Sale, March 14 ($100 each) (2,750) 3,100 (3,200) 70 a. Purchase, January 30 c. Purchase, May 1 d. Sale, August 31 ($100 each) Assuming that for Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 using the specific identification method, assuming that the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. Complete this question by entering your answers in the tabs below. Req 1 Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the inventory costing methods. (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) Specific identification Amount of Goods Available for Sale Ending Inventory Cost of Goods Sold < Req 1 next

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...
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Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, 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 Transactions during the year: Units Unit Cost Beginning inventory, January 1 3,100 $ 40 4,400 55 b. Sale, March 14 ($100 each) (2,750) 3,100 (3,200) 70 a. Purchase, January 30 c. Purchase, May 1 d. Sale, August 31 ($100 each) Assuming that for Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 using the specific identification method, assuming that the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. Complete this question by entering your answers in the tabs below. Req 1 Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the inventory costing methods. (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) Specific identification Amount of Goods Available for Sale Ending Inventory Cost of Goods Sold < Req 1 next
Transcribed Image Text:Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, 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 Transactions during the year: Units Unit Cost Beginning inventory, January 1 3,100 $ 40 4,400 55 b. Sale, March 14 ($100 each) (2,750) 3,100 (3,200) 70 a. Purchase, January 30 c. Purchase, May 1 d. Sale, August 31 ($100 each) Assuming that for Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 using the specific identification method, assuming that the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. Complete this question by entering your answers in the tabs below. Req 1 Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the inventory costing methods. (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) Specific identification Amount of Goods Available for Sale Ending Inventory Cost of Goods Sold < Req 1 next
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