**Periodic Inventory Methods**Tsikh Company reported the following current-year purchases and sales data for its only product:| Date | Activities | Units Acquired at Cost | Units Sold at Retail ||------------|--------------------------|------------------------------|--------------------------|| Jan. 1 | Beginning inventory | 200 units @ $10 = $2,000 | 150 units @ $40 || Jan. 10 | Sales | | || Mar. 14 | Purchase | 350 units @ $15 = $5,250 | || Mar. 15 | Sales | | 300 units @ $40 || July 30 | Purchase | 450 units @ $20 = $9,000 | || Oct. 5 | Sales | | 430 units @ $40 || Oct. 26 | Purchase | 100 units @ $25 = $2,500 | || **Totals** | | **1,100 units = $18,750** | **880 units** |Tsikh uses a periodic inventory system. Determine the costs assigned to ending inventory and to the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average.

Name: **Periodic Inventory Methods**Tsikh Company reported the following cu
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Description: **Periodic Inventory Methods**Tsikh Company reported the following current-year purchases and sales data for its only product:| Date | Activities | Units Acquired at Cost | Units Sold at Retail ||------------|----------

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Periodic Inventory Methods Tsikh Company reported the following current-year purchases and sales data for its only product: Date Jan. I Jan. 10 Mar. 14 Mar. 15 July 30 Oct. 5 Oct. 26 Beginning inventory Sales.. Purchase Sales Purchase Sales. Activities Purchase Totals Units Acquired at Cost 200 units @ $10 = $2,000 350 units @ $15 = 450 units @ $20 = 100 units @ $25 = 1,100 units 5,250 9,000 2,500 $18,750 Units Sold at Retail 150 units @ $40 300 units @ $40 430 units @ $40 880 units Tsikh uses a periodic inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average.

Periodic Inventory Methods Tsikh Company reported the following current-year purchases and sales data for its only product: Date Jan. I Jan. 10 Mar. 14 Mar. 15 July 30 Oct. 5 Oct. 26 Beginning inventory Sales.. Purchase Sales Purchase Sales. Activities Purchase Totals Units Acquired at Cost 200 units @ $10 = $2,000 350 units @ $15 = 450 units @ $20 = 100 units @ $25 = 1,100 units 5,250 9,000 2,500 $18,750 Units Sold at Retail 150 units @ $40 300 units @ $40 430 units @ $40 880 units Tsikh uses a periodic inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average.

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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