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Inventory Costing Methods Date Item Quantity Cost Per Unit Total $1,332.00 $1,710.00 $2,400.00 $3,294.00 $3,120.00 $111.00 1-Jul Beginning Inventory 8-May Purchase 15-May Purchase 22-May Purchase 29-May Purchase 12 15 $114.00 $120.00 $122.00 20 27 24 $130.00 Sold 83 Units @ $145 each Sales FIFO Date Item Quantity Cost Per Unit Total Ending Inventory Income Statement Sales Cost of Goods Sold Gross Profit Gross Profit %===> Operating Expenses $1,100.00 Net Income LIFO Date Item Quantity Cost Per Unit Total Ending Inventory Income Statement Sales Cost of Goods Sold Gross Profit Operating Expenses $1,100.00 Gross Profit %===> Net Income AVERAGE COST Average Cost Per Unit= Cost of Goods Sold=== Ending Inventory==== Income Statement Sales Cost of Goods Sold Gross Profit Operating Expenses $1,100.00 Gross Profit %===> Net Income

Inventory Costing Methods Date Item Quantity Cost Per Unit Total $1,332.00 $1,710.00 $2,400.00 $3,294.00 $3,120.00 $111.00 1-Jul Beginning Inventory 8-May Purchase 15-May Purchase 22-May Purchase 29-May Purchase 12 15 $114.00 $120.00 $122.00 20 27 24 $130.00 Sold 83 Units @ $145 each Sales FIFO Date Item Quantity Cost Per Unit Total Ending Inventory Income Statement Sales Cost of Goods Sold Gross Profit Gross Profit %===> Operating Expenses $1,100.00 Net Income LIFO Date Item Quantity Cost Per Unit Total Ending Inventory Income Statement Sales Cost of Goods Sold Gross Profit Operating Expenses $1,100.00 Gross Profit %===> Net Income AVERAGE COST Average Cost Per Unit= Cost of Goods Sold=== Ending Inventory==== Income Statement Sales Cost of Goods Sold Gross Profit Operating Expenses $1,100.00 Gross Profit %===> Net Income

FINANCIAL ACCOUNTING
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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Inventory Costing Methods Date Item Quantity Cost Per Unit Total 1-Jul Beginning Inventory 8-May Purchase 15-May Purchase 22-May Purchase 29-May Purchase $111.00 $114.00 $120.00 $122.00 $130.00 $1,332.00 $1,710.00 $2,400.00 $3,294.00 $3,120.00 12 15 20 27 24 Sold 83 Units @ $145 each Sales FIFO Date Item Quantity Cost Per Unit Total Ending Inventory Income Statement Sales Cost of Goods Sold Gross Profit Gross Profit %===> Operating Expenses $1,100.00 Net Income LIFO Date Item Quantity Cost Per Unit Total Ending Inventory Income Statement Sales Cost of Goods Sold Gross Profit Operating Expenses $1,100.00 Gross Profit %===> Net Income AVERAGE COST Average Cost Per Unit= Cost of Goods Sold=== Ending Inventory=3== Income Statement Sales Cost of Goods Sold Gross Profit Operating Expenses $1,100.00 Gross Profit %===> Net Income
Transcribed Image Text:Inventory Costing Methods Date Item Quantity Cost Per Unit Total 1-Jul Beginning Inventory 8-May Purchase 15-May Purchase 22-May Purchase 29-May Purchase $111.00 $114.00 $120.00 $122.00 $130.00 $1,332.00 $1,710.00 $2,400.00 $3,294.00 $3,120.00 12 15 20 27 24 Sold 83 Units @ $145 each Sales FIFO Date Item Quantity Cost Per Unit Total Ending Inventory Income Statement Sales Cost of Goods Sold Gross Profit Gross Profit %===> Operating Expenses $1,100.00 Net Income LIFO Date Item Quantity Cost Per Unit Total Ending Inventory Income Statement Sales Cost of Goods Sold Gross Profit Operating Expenses $1,100.00 Gross Profit %===> Net Income AVERAGE COST Average Cost Per Unit= Cost of Goods Sold=== Ending Inventory=3== Income Statement Sales Cost of Goods Sold Gross Profit Operating Expenses $1,100.00 Gross Profit %===> Net Income
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