Guitars and more had a large inventory of guitars and other musical instruments. Using the UFOmethod and the Perpetual Inventory System, the company recorded initial inventory,purchases, and sales. Determines the cost of the merchandise sold and the value of theinventory.DateDetailAmountUnit cost (unit cost)May 1Initial inventory$756.SalePurchase118513Sale1515Sale19Purchase2010521SaleSale27Purchase109030Sale3.2.22

Cost of goods sold as per LIFO. As per LIFO (Last in first out) latest purchased will be sold first.…

Answered: Guitars and more had a large inventory…

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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Shanrock Company uses the periodic inventory method and had the following inventory information available: 1/1 1/20 7/25 10/20 1. 2. 3. Beginning Inventory 4. (a) Purchase 4. (b) Purchase Purchase Units Unit Cost 100 400 Answer the following independent questions. 200 300 1,000 $4 $6 $7 $8 Total Cost A physical count of inventory on December 31 revealed that there were 400 units on hand. $400 2,400 1,400 2,400 $6,600 Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is Assume that the company uses the Average-Cost method. The value of the ending inventory on December 31 is Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method. Would income have been greater or less? $ $ $ $
Guitars and more had a large inventory of guitars and other musical instruments. Using the Average method and the Perpetual Inventory System, the company recorded initial inventory, purchases, and sales. Determines the cost of the merchandise sold and the value of the inventory. Date Detail Amount Unit cost (unit cost) May 1 Initial inventory $75 Sale 8. Purchase 11 85 13 Sale 15 Sale 13 19 Purchase 20 105 21 Sale 22 Sale 27 Purchase 10 90 30 Sale 4. 21
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Guitars and more had a large inventory of guitars and other musical instruments. Using the Average method and the Perpetual Inventory System, the company recorded initial inventory, purchases, and sales. Determines the cost of the merchandise sold and the value of the inventory. Date Detail Amount Unit cost (unit cost) May 1 Initial inventory $75 Sale 4 8. Purchase 11 85 13 Sale 15 Sale 3 19 Purchase 20 105 21 Sale 22 Sale 27 Purchase 90 30 Sale 2.
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