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 2$ FIFO $ Average Cost 2$ ii.) Determine the cost of the 160 units in inventory at January 31 using each of the following flow assumptions: LIFÓ FIFO Average Cost
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 2$ FIFO $ Average Cost 2$ ii.) Determine the cost of the 160 units in inventory at January 31 using each of the following flow assumptions: LIFÓ FIFO Average Cost
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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![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:
Quantity Unit Cost
Total Cost
Beginning Inventory (Jan. 1)
180
$70
$12,600
Purchase (Jan. 9)
90
75
6,750
Purchase (Jan. 21)
90
76
6,840
Total
360
$26,190
On January 24, Keaton sold 200 units of this product. The other 160 units remain in inventory at January 31.
i.) Determine the cost of goods sold using each of the following flow assumptions:
LIFO
FIFO
Average Cost
ii.) Determine the cost of the 160 units in inventory at January 31 using each of the following flow assumptions:
LIFO
2$
FIFO
Average Cost
%24
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4e040603-84c5-4f6a-8e32-d8a2833a4202%2Faf824e48-9f77-40f9-84bb-2bbee0468cdc%2Fmc318rnncd_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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:
Quantity Unit Cost
Total Cost
Beginning Inventory (Jan. 1)
180
$70
$12,600
Purchase (Jan. 9)
90
75
6,750
Purchase (Jan. 21)
90
76
6,840
Total
360
$26,190
On January 24, Keaton sold 200 units of this product. The other 160 units remain in inventory at January 31.
i.) Determine the cost of goods sold using each of the following flow assumptions:
LIFO
FIFO
Average Cost
ii.) Determine the cost of the 160 units in inventory at January 31 using each of the following flow assumptions:
LIFO
2$
FIFO
Average Cost
%24
%24
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