MOHS RCES Attempts: 3 of 3 used (d) Inventory Calculations Keaton Accessories uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: tudy Quantity Unit Cost Total Cost 180 $40 $7,200 Beginning Inventory (Jan. 1) 90 45 4,050 Purchase (Jan. 9) 46 4,140 Purchase (Jan. 21) 06 360 $15,390 Total On January 24, Keaton sold 200 units of this product. The other 160 units remain in inventory at January 31. i.) Determine the cost of goods sold using each of the following flow assumptions: LIFO FIFO Average Cost $4 ii.) Determine the cost of the 160 units in inventory at January 31 using each of the following flow assumptions: LIFO FIFO Average Cost Click if you would like to Show Work for this question: Open Show Work Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER (e) Ratio Analysis The parts of this question must be completed in order. This part will be..available when you complete the part above. re to search %24 %24 694 %24 624

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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MOHS
RCES
Attempts: 3 of 3 used
(d) Inventory Calculations
Keaton Accessories uses a perpetual inventory system. The company's beginning inventory of a particular
product and its purchases during the month of January were as follows:
tudy
Quantity
Unit Cost
Total Cost
180
$40
$7,200
Beginning Inventory (Jan. 1)
90
45
4,050
Purchase (Jan. 9)
46
4,140
Purchase (Jan. 21)
06
360
$15,390
Total
On January 24, Keaton sold 200 units of this product. The other 160 units remain in inventory at January 31.
i.) Determine the cost of goods sold using each of the following flow assumptions:
LIFO
FIFO
Average Cost
$4
ii.) Determine the cost of the 160 units in inventory at January 31 using each of the following flow
assumptions:
LIFO
FIFO
Average Cost
Click if you would like to Show Work for this question: Open Show Work
Attempts: 0 of 3 used
SAVE FOR LATER
SUBMIT ANSWER
(e) Ratio Analysis
The parts of this question must be completed in order. This part will be..available when you complete the part
above.
re to search
%24
%24
694
%24
624
Transcribed Image Text:MOHS RCES Attempts: 3 of 3 used (d) Inventory Calculations Keaton Accessories uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: tudy Quantity Unit Cost Total Cost 180 $40 $7,200 Beginning Inventory (Jan. 1) 90 45 4,050 Purchase (Jan. 9) 46 4,140 Purchase (Jan. 21) 06 360 $15,390 Total On January 24, Keaton sold 200 units of this product. The other 160 units remain in inventory at January 31. i.) Determine the cost of goods sold using each of the following flow assumptions: LIFO FIFO Average Cost $4 ii.) Determine the cost of the 160 units in inventory at January 31 using each of the following flow assumptions: LIFO FIFO Average Cost Click if you would like to Show Work for this question: Open Show Work Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER (e) Ratio Analysis The parts of this question must be completed in order. This part will be..available when you complete the part above. re to search %24 %24 694 %24 624
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