Please answer the last part of the question Jennice Store sells a hand gloves that is popular with tourists. Information relating to Jennice'spurchases of hand gloves during September is shown below. During the same month, 75 hand gloveswere sold. Jennice uses a periodic inventory system.DateExplanationUnitsUnit CostTotal CostSept. 1Sept. 12Sept. 19Sept. 26$ 97$ 2,5224,5902,0805,25026InventoryPurchasesPurchasesPurchases451022010450105Totals141$14,442Required:a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO method.b) Suppose Jennice shifted to perpetual inventory system and the 80 hand gloves were sold onSeptember 20th. Compute the ending inventory at September 30 and cost of goods sold usingLIFO method.

The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

Jennice Store sells a hand gloves that is popular with tourists. Information relating to Jennice's purchases of hand gloves during September is shown below. During the same month, 75 hand gloves were sold. Jennice uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost $ 97 Sept. 1 Sept. 12 Sept. 19 Sept. 26 Inventory Purchases Purchases 26 45 20 $ 2,522 4,590 2,080 5,250 102 104 Purchases 50 105 Totals 141 $14,442 Required: a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO method. b) Suppose Jennice shifted to perpetual inventory system and the 80 hand gloves were sold on September 20th. Compute the ending inventory at September 30 and cost of goods sold using LIFO method.

Jennice Store sells a hand gloves that is popular with tourists. Information relating to Jennice's purchases of hand gloves during September is shown below. During the same month, 75 hand gloves were sold. Jennice uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost $ 97 Sept. 1 Sept. 12 Sept. 19 Sept. 26 Inventory Purchases Purchases 26 45 20 $ 2,522 4,590 2,080 5,250 102 104 Purchases 50 105 Totals 141 $14,442 Required: a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO method. b) Suppose Jennice shifted to perpetual inventory system and the 80 hand gloves were sold on September 20th. Compute the ending inventory at September 30 and cost of goods sold using LIFO method.

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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