Periodic System- Calculating Ending Inventory and Cost of Sales using LIFO The following information is available for Water Inc. Date January 1 (beginning inventory) 440 Purchases: January 10 January 15 January 30 Units Unit Cost $50.00 330 52.00 660 440 52.50 55.00 The company maintains a periodic inventory system. A physical inventory count shows 550 units in stock on January 31. What is (a) ending inventory on January 31, and (b) cost of goods sold for January, using the IFO inventory method? Note: Round your final answers below to the nearest whole dollar. Use your rounded ending inventory answer to compute part b. cost of goods sold. 0 a. Ending inventory on January 31 $ b. Cost of goods sold for January $ 0
Periodic System- Calculating Ending Inventory and Cost of Sales using LIFO The following information is available for Water Inc. Date January 1 (beginning inventory) 440 Purchases: January 10 January 15 January 30 Units Unit Cost $50.00 330 52.00 660 440 52.50 55.00 The company maintains a periodic inventory system. A physical inventory count shows 550 units in stock on January 31. What is (a) ending inventory on January 31, and (b) cost of goods sold for January, using the IFO inventory method? Note: Round your final answers below to the nearest whole dollar. Use your rounded ending inventory answer to compute part b. cost of goods sold. 0 a. Ending inventory on January 31 $ b. Cost of goods sold for January $ 0
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 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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