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Inventory Costing Methods-Perpetual Method Using the data below, assume that Graham Corporation uses the perpetual inventory system. Calculate the value of ending inventory and cost of goods sold at year-end using the perpetual method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Units Unit Cost Beginning Inventory, January 1 Purchases: Sales: a. b. First-In, First-Out Ending Inventory Cost of goods Sold Last-In, First-Out Ending Inventory C. Weighted Average Ending Inventory February 11 1,500 May 18 1,400 October 23 Cost of Goods Sold March 1 July 1 Round the cost per unit to 3 decimal places and round your final answers to the nearest dollar. October 29 $Answer Cost of Goods Sold $Answer $Answer 1,200 $68 $Answer $Answer $Answer 1,100 1,400 1,400 1,000 $69 70 72

Inventory Costing Methods-Perpetual Method Using the data below, assume that Graham Corporation uses the perpetual inventory system. Calculate the value of ending inventory and cost of goods sold at year-end using the perpetual method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Units Unit Cost Beginning Inventory, January 1 Purchases: Sales: a. b. First-In, First-Out Ending Inventory Cost of goods Sold Last-In, First-Out Ending Inventory C. Weighted Average Ending Inventory February 11 1,500 May 18 1,400 October 23 Cost of Goods Sold March 1 July 1 Round the cost per unit to 3 decimal places and round your final answers to the nearest dollar. October 29 $Answer Cost of Goods Sold $Answer $Answer 1,200 $68 $Answer $Answer $Answer 1,100 1,400 1,400 1,000 $69 70 72

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Inventory Costing Methods-Perpetual Method Using the data below, assume that Graham Corporation uses the perpetual inventory system. Calculate the value of ending inventory and cost of goods sold at year-end using the perpetual method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Units Unit Cost Beginning Inventory, January 1 Purchases: Sales: a. b. Ending Inventory Cost of goods Sold Last-In, First-Out Ending Inventory July 1 October 29 Round the cost per unit to 3 decimal places and round your final answers to the nearest dollar. First-In, First-Out C. Weighted Average Ending Inventory February 11 1,500 May 18 1,400 October 23 Cost of Goods Sold March 1 $Answer Cost of Goods Sold $Answer $Answer $Answer 1,200 $68 $Answer $Answer 1,100 1,400 1,400 $69 1,000 70 72
Transcribed Image Text:Inventory Costing Methods-Perpetual Method Using the data below, assume that Graham Corporation uses the perpetual inventory system. Calculate the value of ending inventory and cost of goods sold at year-end using the perpetual method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Units Unit Cost Beginning Inventory, January 1 Purchases: Sales: a. b. Ending Inventory Cost of goods Sold Last-In, First-Out Ending Inventory July 1 October 29 Round the cost per unit to 3 decimal places and round your final answers to the nearest dollar. First-In, First-Out C. Weighted Average Ending Inventory February 11 1,500 May 18 1,400 October 23 Cost of Goods Sold March 1 $Answer Cost of Goods Sold $Answer $Answer $Answer 1,200 $68 $Answer $Answer 1,100 1,400 1,400 $69 1,000 70 72
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