h Hulu X Bb Blackboard Learn X cess to Internet Services CCsu.blackboard.com/webapps/blackboard/content/contentWrapper.jsp?course_id =_43047_1&dis C -entral Connecticut State University McGraw-Hill CONNECT SEC 09 Scoresby Inc. 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 reçords provided the following information at the end of the annual accounting period, December 31 Unit Cost $31 Units 1,500 Transactions a. Inventory, Beginning For the year b. Purchase, March 5 C. Purchase, September 19 d. Sale, April 15 (sold for $76 per unit) e. Sale, October 31 (sold for $79 per unit) f. Operating expenses (excluding income tax expense). $398.000 32 34 7.500 3,500 2,200 6,500 Required: 1. Calculate the number and cost of goods available for sale. 12.500 units Number of Goods Available for Sale S 405.500 Cost of Goods Available for Sale 2. Calculate the number of units in ending inventory 3 800 units Ending Inventory x + EbBlackboard Learn h Hulu Easy Access to Internet Services X X C CCsu.blackboard.com/webapps/blackboard/content/contentWrapper.jsp?course_id-_43047_1&displayNam Central Connecticut State University McGraw-Hill CONNECT SEC 09 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. Cost of Ending Inventory Cost of Goods Sold FIFO LIFO Weighted Average Cost 4. Prepare an income statement that shows the FIFO method. LIFO method and weighted average method. SCORESBY INC. Income Statement For the Year Ended December 31 Weighted Average LIFO FIFO
h Hulu X Bb Blackboard Learn X cess to Internet Services CCsu.blackboard.com/webapps/blackboard/content/contentWrapper.jsp?course_id =_43047_1&dis C -entral Connecticut State University McGraw-Hill CONNECT SEC 09 Scoresby Inc. 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 reçords provided the following information at the end of the annual accounting period, December 31 Unit Cost $31 Units 1,500 Transactions a. Inventory, Beginning For the year b. Purchase, March 5 C. Purchase, September 19 d. Sale, April 15 (sold for $76 per unit) e. Sale, October 31 (sold for $79 per unit) f. Operating expenses (excluding income tax expense). $398.000 32 34 7.500 3,500 2,200 6,500 Required: 1. Calculate the number and cost of goods available for sale. 12.500 units Number of Goods Available for Sale S 405.500 Cost of Goods Available for Sale 2. Calculate the number of units in ending inventory 3 800 units Ending Inventory x + EbBlackboard Learn h Hulu Easy Access to Internet Services X X C CCsu.blackboard.com/webapps/blackboard/content/contentWrapper.jsp?course_id-_43047_1&displayNam Central Connecticut State University McGraw-Hill CONNECT SEC 09 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. Cost of Ending Inventory Cost of Goods Sold FIFO LIFO Weighted Average Cost 4. Prepare an income statement that shows the FIFO method. LIFO method and weighted average method. SCORESBY INC. Income Statement For the Year Ended December 31 Weighted Average LIFO FIFO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Using the information in picture 1 answer 3 and 4
Transcribed Image Text:h Hulu
X
Bb Blackboard Learn
X
cess to Internet Services
CCsu.blackboard.com/webapps/blackboard/content/contentWrapper.jsp?course_id =_43047_1&dis
C
-entral Connecticut State University
McGraw-Hill CONNECT SEC 09
Scoresby Inc. 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
reçords provided the following information at the end of the annual accounting period, December 31
Unit Cost
$31
Units
1,500
Transactions
a. Inventory, Beginning
For the year
b. Purchase, March 5
C. Purchase, September 19
d. Sale, April 15 (sold for $76 per unit)
e. Sale, October 31 (sold for $79 per unit)
f. Operating expenses (excluding income tax expense). $398.000
32
34
7.500
3,500
2,200
6,500
Required:
1. Calculate the number and cost of goods available for sale.
12.500 units
Number of Goods Available for Sale
S 405.500
Cost of Goods Available for Sale
2. Calculate the number of units in ending inventory
3 800 units
Ending Inventory
Transcribed Image Text:x +
EbBlackboard Learn
h Hulu
Easy Access to Internet Services
X
X
C
CCsu.blackboard.com/webapps/blackboard/content/contentWrapper.jsp?course_id-_43047_1&displayNam
Central Connecticut State University
McGraw-Hill CONNECT SEC 09
3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted
average cost.
Cost of Ending
Inventory
Cost of Goods
Sold
FIFO
LIFO
Weighted Average Cost
4. Prepare an income statement that shows the FIFO method. LIFO method and weighted average
method.
SCORESBY INC.
Income Statement
For the Year Ended December 31
Weighted
Average
LIFO
FIFO
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