Kingbird, Inc. uses a periodic inventory system and reports the following for the month of June.DateJune 1122330(a)Explanation UnitsInventoryPurchasePurchaseInventory130330Cost of goods sold200203Cost of the ending inventoryUnitCost$$567Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)TotalCostFIFO$6501,9801,400LALIFOLALAAverage-cost

Inventory valuation is based on the method of flow used by the organization. It can be the first in…

Kingbird, Inc. uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 30 (a) Explanation Inventory Purchase Purchase Inventory Units 130 Cost of goods sold 330 200 203 Cost of the ending inventory $ Unit Cost $ $5 6 7 Total Cost Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.) FIFO $650 1,980 1,400 $ $ LIFO $ $ Average-cost

Kingbird, Inc. uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 30 (a) Explanation Inventory Purchase Purchase Inventory Units 130 Cost of goods sold 330 200 203 Cost of the ending inventory $ Unit Cost $ $5 6 7 Total Cost Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.) FIFO $650 1,980 1,400 $ $ LIFO $ $ Average-cost

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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