Hess Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 100 $3.00 Purchases: September 8 450 3.50 September 18 300 3.70 A physical inventory on September 30 shows 150 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory system. (1) Ending inventory : (2) Units available for sale: (3) Cost of goods sold:
Hess Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 100 $3.00 Purchases: September 8 450 3.50 September 18 300 3.70 A physical inventory on September 30 shows 150 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory system. (1) Ending inventory : (2) Units available for sale: (3) Cost of goods sold:
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 4CP: Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and...
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Hess Company's inventory records show the following data for the month of September:
Units Unit Cost
Inventory, September 1 100 $3.00
Purchases: September 8 450 3.50
September 18 300 3.70
A physical inventory on September 30 shows 150 units on hand.
Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory system.
(1) Ending inventory :
(2) Units available for sale:
(3) Cost of goods sold:
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