Princess Company's accounting records show the following for the month of July. July 6 July 11 July 1 balance 300 units @ $10 July 7 purchased 500 units @ $11 July 15 purchased 700 units @ $12 July 22 purchased 400 units @ $13 sold 250 units @ 22 sold 300 units @ 23 sold 475 units @ 24 sold 400 units @ 25 July 18 July 11 The company uses the periodic inventory system. Assume the company is using Compute the ending inventory and cost of goods sold under each of the following inventory costing methods. a. Weighted average b. FIFO c. LIFO
Princess Company's accounting records show the following for the month of July. July 6 July 11 July 1 balance 300 units @ $10 July 7 purchased 500 units @ $11 July 15 purchased 700 units @ $12 July 22 purchased 400 units @ $13 sold 250 units @ 22 sold 300 units @ 23 sold 475 units @ 24 sold 400 units @ 25 July 18 July 11 The company uses the periodic inventory system. Assume the company is using Compute the ending inventory and cost of goods sold under each of the following inventory costing methods. a. Weighted average b. FIFO c. LIFO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Please do not give solution in image format thanku
Transcribed Image Text:ACC 301 - Inventory Costing
Princess Company's accounting records show the following for the month of July.
July 6
July 11
July 18
July 11
July 1 balance 300 units @ $10
July 7 purchased 500 units @ $11
July 15 purchased 700 units @ $12
July 22 purchased 400 units @ $13
The company uses the periodic inventory system.
Assume the company is using Compute the ending inventory and cost of goods sold
under each of the following inventory costing methods.
a. Weighted average
.....
b. FIFO
c. LIFO
sold 250 units @ 22
sold 300 units @ 23
sold 475 units @ 24
sold 400 units @ 25
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Step 1: Periodic Inventory method -FIFO,LIFO and Weighted average method :
VIEWStep 2: a) Calculation of Ending inventory and Cost of goods sold under Weighted average method:
VIEWStep 3: b)Calculation of Ending inventory and Cost of goods sold under FIFO
VIEWStep 4: c)Calculation of Ending inventory and Cost of goods sold under LIFO :
VIEWSolution
VIEW
Trending now
This is a popular solution!
Step by step
Solved in 5 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education