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Kirtland Corporation's accounting records showed the following at December 31: Unit Cost $6.00 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) Units 430 330 490 (190) (730) Required: 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 each of the four Inventory costing methods. 3.70 7.00 For Specific Identification, assume the first sale was 40% from beginning Inventory and 60% from the January 30 purchase. Assume the second sale was from the remainder of the beginning Inventory, with the balance from the May 1 purchase. Complete this question by entering your answers in the tabs below. Req A Req B and C Compute the amount of goods available for sale. Goods available for sale Req A Req B and C >

Kirtland Corporation's accounting records showed the following at December 31: Unit Cost $6.00 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) Units 430 330 490 (190) (730) Required: 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 each of the four Inventory costing methods. 3.70 7.00 For Specific Identification, assume the first sale was 40% from beginning Inventory and 60% from the January 30 purchase. Assume the second sale was from the remainder of the beginning Inventory, with the balance from the May 1 purchase. Complete this question by entering your answers in the tabs below. Req A Req B and C Compute the amount of goods available for sale. Goods available for sale Req A Req B and C >

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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Kirtland Corporation's accounting records showed the following at December 31: Units 430 Unit Cost $6.00 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) 330 490 (190) (730) Required: 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 each of the four Inventory costing methods. For Specific identification, assume the first sale was 40% from beginning Inventory and 60% from the January 30 purchase. Assume the second sale was from the remainder of the beginning Inventory, with the balance from the May 1 purchase. Req A Complete this question by entering your answers in the tabs below. Req B and C 3.70 7.00 Compute the amount of goods available for sale. Goods available for sale < Req A Req B and C >
Transcribed Image Text:Kirtland Corporation's accounting records showed the following at December 31: Units 430 Unit Cost $6.00 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) 330 490 (190) (730) Required: 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 each of the four Inventory costing methods. For Specific identification, assume the first sale was 40% from beginning Inventory and 60% from the January 30 purchase. Assume the second sale was from the remainder of the beginning Inventory, with the balance from the May 1 purchase. Req A Complete this question by entering your answers in the tabs below. Req B and C 3.70 7.00 Compute the amount of goods available for sale. Goods available for sale < Req A Req B and C >
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