Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Purchase, May 1 c. Sale ($8 each) d. Sale ($8 each) Required: Units 470 Req A Req B and C 370 530 (230) (770) a. Compute the amount of goods available for sale. b. & c. Compute the amount of ending inventory and cost of goods sold at December 31, under Average cost, First-in, first-out, Last-in, first-out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected two- fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. Unit Cost $6.00 Complete this question by entering your answers in the tabs below. Compute the amount of goods available for sale. Goods available for sale 4.10 7.00

Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Purchase, May 1 c. Sale ($8 each) d. Sale ($8 each) Required: Units 470 Req A Req B and C 370 530 (230) (770) a. Compute the amount of goods available for sale. b. & c. Compute the amount of ending inventory and cost of goods sold at December 31, under Average cost, First-in, first-out, Last-in, first-out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected two- fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. Unit Cost $6.00 Complete this question by entering your answers in the tabs below. Compute the amount of goods available for sale. Goods available for sale 4.10 7.00

Name: Kirtland Corporation uses a periodic inventory system. At the end of
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Description: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accountingrecords for the most popular item in inventory showed the following:TransactionsBeginning inventory, January 1Transactions

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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