Problem 6-5A Calculate ending inventory and cost of goods sold using FIFO and LIFO and adjustinventory using lower of cost and net realizable value (LO6-3, 6-6)[The following information applies to the questions displayed below.]For the current year, Parker Games has the following inventory transactions related to its traditional board games. ParkerGames uses a periodic inventory system.UnitsUnit CostTotal CostTransactionBeginning inventory116$19$2,204DateJan. 1Mar. 12Sep. 17.9814Purchase iPurchase1,232406587262$3,842Jan. 1-Dec. 31.Sales168Because of the increasing popularity of electronic video games, Parker Games continues to see a decline in the demandfor board games. Sales prices have decreased by over 50% during the year. At the end of the year, Parker estimates thenet realizable value of the 94 units of unsold inventory to be $480.Problem 6-5A Part 22. Using LIFO, calculate ending inventory and cost of goods sold.Ending inventoryCost of goods sold $1,911

Name: Problem 6-5A Calculate ending inventory and cost of goods sold using
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Description: Problem 6-5A Calculate ending inventory and cost of goods sold using FIFO and LIFO and adjustinventory using lower of cost and net realizable value (LO6-3, 6-6)[The following information applies to the questions displayed below.]For the current year

Last in first out is a method of inventory management and valuation, under this method the last…

Business

Accounting

Problem 6-5A Calculate ending inventory and cost of goods sold using FIFO and LIFO and adjust inventory using lower of cost and net realizable value (LO6-3, 6-6) [The following information applies to the questions displayed below.] For the current year, Parker Games has the following inventory transactions related to its traditional board games. Parker Games uses a periodic inventory system. Units Unit Cost Total Cost Date Jan. 1 Mar. 12 Transaction Beginning inventory 116 $19 98 14 Purchase: Purchase $2,204 1,2321 406 Sep. 17. 58 7 262 $3,842 Jan. 1-Dec. 31 Sales 168 Because of the increasing popularity of electronic video games, Parker Games continues to see a decline in the demand for board games. Sales prices have decreased by over 50% during the year. At the end of the year, Parker estimates the net realizable value of the 94 units of unsold inventory to be $480. Problem 6-5A Part 2 2. Using LIFO, calculate ending inventory and cost of goods sold. Ending inventory Cost of goods sold $ 1,911

Problem 6-5A Calculate ending inventory and cost of goods sold using FIFO and LIFO and adjust inventory using lower of cost and net realizable value (LO6-3, 6-6) [The following information applies to the questions displayed below.] For the current year, Parker Games has the following inventory transactions related to its traditional board games. Parker Games uses a periodic inventory system. Units Unit Cost Total Cost Date Jan. 1 Mar. 12 Transaction Beginning inventory 116 $19 98 14 Purchase: Purchase $2,204 1,2321 406 Sep. 17. 58 7 262 $3,842 Jan. 1-Dec. 31 Sales 168 Because of the increasing popularity of electronic video games, Parker Games continues to see a decline in the demand for board games. Sales prices have decreased by over 50% during the year. At the end of the year, Parker estimates the net realizable value of the 94 units of unsold inventory to be $480. Problem 6-5A Part 2 2. Using LIFO, calculate ending inventory and cost of goods sold. Ending inventory Cost of goods sold $ 1,911

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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Problem 6-2B (Algo) Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) Richie's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Richie's Tennis Shop uses a periodic inventory system. Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Purchase Transactions Beginning inventory Sale ($160 each) Purchase Sale ($175 each) Purchase Sale ($185 each) Units 8 5 10 8 10 11 11 Unit Cost $147 137 127 117 For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. Required 1 Required 2 Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. 2. Using…
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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Oct. 1 Inventory 88 units @ $27 8. Sale 70 units 15 Purchase 98 units @ $29 27 Sale 82 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Oct. 27 and (b) the inventory on Oct. 31. a. Cost of goods sold on Oct. 27 b. Inventory on Oct. 31 $
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