inc. Ist ing to determine whether to use the F inventory information: Date Oct. 2 15 29 Purchases Units Cost 8,100 $11 13,500 Total $89,100 15 202,500 or average cost formula. The acc Cost of Goods Sold Units 20,600 [6] [8] Cost Total ing records show the following selecte [1] [3] Ending Inventory Units Cost Total 8,100 $11 $89,100 [2] [4] [7] [9] [10] [11] [12] [5] [13] The company accountant has prepared the following partial statement of income to help management understand the financial statement impact of each cost determination cost formula.
inc. Ist ing to determine whether to use the F inventory information: Date Oct. 2 15 29 Purchases Units Cost 8,100 $11 13,500 Total $89,100 15 202,500 or average cost formula. The acc Cost of Goods Sold Units 20,600 [6] [8] Cost Total ing records show the following selecte [1] [3] Ending Inventory Units Cost Total 8,100 $11 $89,100 [2] [4] [7] [9] [10] [11] [12] [5] [13] The company accountant has prepared the following partial statement of income to help management understand the financial statement impact of each cost determination cost formula.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Fill in the missing amounts in the perpetual inventory schedule, assuming the use of the FIFO cost formula.
Date
Oct.
2
15
29
Purchases
Units Cost Total
8,100 $11 $89.100
13,500 15 202,500
Units
8,100
20,600
Units
Cost
(total units sold)
$
Ending Inventory
Cost of Goods Sold
Cost
$11
$
549
Total
$
Total
$89,100
![Pina Inc. is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected
inventory information:
Date
Oct. 2
15
29
Purchases
Units Cost
8,100 $11
13,500
15
Sales
Cost of goods sold
Gross profit
Net income
Operating expenses
Income before income tax
Income tax expense (30%)
Total
$89,100
202,500
FIFO
$563,000
Cost of Goods Sold
182,000
Units
20,600
[6]
[8]
Average
$563,000
Cost Total
182,000
Units
8,100
[1]
[3]
The company accountant has prepared the following partial statement of income to help management understand the financial
statement impact of each cost determination cost formula.
[7]
[9] [10] [11]
Ending Inventory
Cost Total
$11
$89,100
[2]
[4]
[12]
[5]
[13]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff0a8a8b2-22c4-42fd-96b3-e86c4fe33385%2F72ccbb75-852f-439e-996d-0871c97772bd%2Fgp165tg_processed.png&w=3840&q=75)
Transcribed Image Text:Pina Inc. is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected
inventory information:
Date
Oct. 2
15
29
Purchases
Units Cost
8,100 $11
13,500
15
Sales
Cost of goods sold
Gross profit
Net income
Operating expenses
Income before income tax
Income tax expense (30%)
Total
$89,100
202,500
FIFO
$563,000
Cost of Goods Sold
182,000
Units
20,600
[6]
[8]
Average
$563,000
Cost Total
182,000
Units
8,100
[1]
[3]
The company accountant has prepared the following partial statement of income to help management understand the financial
statement impact of each cost determination cost formula.
[7]
[9] [10] [11]
Ending Inventory
Cost Total
$11
$89,100
[2]
[4]
[12]
[5]
[13]
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