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Periodic and Perpetual Systems-Compute Inventory, Cost of Sales, and Gross Profit Using Average Cost, Moving Average, FIFO, and LIFO Clayton Company shows the following transactions for its major inventory item. Date Nov. 1 Nov. 3 Nov. 5 Nov. 13 Nov. 20 Nov. 22 Purchase Nov. 28 Sales (at $18) Nov. 29 Purchase Units Unit Cost $6.90 7.20 Inventory (beginning) 3,600 Purchase 7,200 Sales (at $15) Purchase Sales (at $15) 4,800 6,000 10,800 13,200 10,800 7,200 7.50 7.66 7.80 Required Compute ending inventory, cost of goods sold, and gross profit using:

Periodic and Perpetual Systems-Compute Inventory, Cost of Sales, and Gross Profit Using Average Cost, Moving Average, FIFO, and LIFO Clayton Company shows the following transactions for its major inventory item. Date Nov. 1 Nov. 3 Nov. 5 Nov. 13 Nov. 20 Nov. 22 Purchase Nov. 28 Sales (at $18) Nov. 29 Purchase Units Unit Cost $6.90 7.20 Inventory (beginning) 3,600 Purchase 7,200 Sales (at $15) Purchase Sales (at $15) 4,800 6,000 10,800 13,200 10,800 7,200 7.50 7.66 7.80 Required Compute ending inventory, cost of goods sold, and gross profit using:

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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Periodic and Perpetual Systems-Compute Inventory, Cost of Sales, and Gross Profit Using Average Cost, Moving Average, FIFO, and LIFO Clayton Company shows the following transactions for its major inventory item. Date Units Unit Cost Nov. 1 Inventory (beginning) 3,600 $6.90 Purchase 7,200 7.20 Sales (at $15) 4,800 Purchase 6,000 Sales (at $15) 10,800 13,200 10,800 7,200 Nov. 3 Nov. 5 Nov. 13 Nov. 20 Nov. 22 Purchase Nov. 28 Sales (at $18) Nov. 29 Purchase 7.50 7.66 7.80 Required Compute ending inventory, cost of goods sold, and gross profit using:
Transcribed Image Text:Periodic and Perpetual Systems-Compute Inventory, Cost of Sales, and Gross Profit Using Average Cost, Moving Average, FIFO, and LIFO Clayton Company shows the following transactions for its major inventory item. Date Units Unit Cost Nov. 1 Inventory (beginning) 3,600 $6.90 Purchase 7,200 7.20 Sales (at $15) 4,800 Purchase 6,000 Sales (at $15) 10,800 13,200 10,800 7,200 Nov. 3 Nov. 5 Nov. 13 Nov. 20 Nov. 22 Purchase Nov. 28 Sales (at $18) Nov. 29 Purchase 7.50 7.66 7.80 Required Compute ending inventory, cost of goods sold, and gross profit using:
Periodic Inventory System Perpetual Inventory System Gross Profit Periodic Sales COGAS Less Ending Inventory COGS Gross Profit Sales COGAS Less Ending Inventory COGS Gross Profit $ $ $ $ a. Average Cost 0 x $ 248,760 22,804.8 225,955.2 0 x $ Gross Profit Perpetual d. Moving Average 0 x $ 248,760 266,952 (18,192) 0 x $ b. FIFO e. FIFO 0 x $ 248,760 9,360 251,052 Gross Profit 0 x $ 0 x $ 248,760 0 248,760 0 x $ C. LIFO f. LIFO 0x 248,760 22,500 237,660 0 x 0 x 248,760 0 248,760 0 x
Transcribed Image Text:Periodic Inventory System Perpetual Inventory System Gross Profit Periodic Sales COGAS Less Ending Inventory COGS Gross Profit Sales COGAS Less Ending Inventory COGS Gross Profit $ $ $ $ a. Average Cost 0 x $ 248,760 22,804.8 225,955.2 0 x $ Gross Profit Perpetual d. Moving Average 0 x $ 248,760 266,952 (18,192) 0 x $ b. FIFO e. FIFO 0 x $ 248,760 9,360 251,052 Gross Profit 0 x $ 0 x $ 248,760 0 248,760 0 x $ C. LIFO f. LIFO 0x 248,760 22,500 237,660 0 x 0 x 248,760 0 248,760 0 x
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