Q3: These are amounts and prices of Ali company store Account name Quantity Cost per unit 9 40 Inventory at Des. 31, 2016 First purchased Jan / 8 13 42 17 44 Second purchased Jan / 14 Third purchased Jan / 16 unit 20 Sold 20 46 20 Required: using LIFO method under the periodic system to find total Goods available for sale, cost of Goods sold and ending inventory.

Q3: These are amounts and prices of Ali company store Account name Quantity Cost per unit 9 40 Inventory at Des. 31, 2016 First purchased Jan / 8 13 42 17 44 Second purchased Jan / 14 Third purchased Jan / 16 unit 20 Sold 20 46 20 Required: using LIFO method under the periodic system to find total Goods available for sale, cost of Goods sold and ending inventory.

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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-/ 1 Question 3 of 6 Pearl Industries uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $4 $ 520 12 Purchases 520 6 3,120 23 Purchases 325 2,600 30 Inventory 305 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-Cost The cost of the ending inventory The cost of goods sold !!! %24 %24 %24 %24 %24
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Use: FIFO method. FIFO ********************** correct answer please.
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of 2 Book Hint Ask F erences Ac raw ill Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Date January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased Number Number of Cost per of units Cost per Cost of Goods Number of units unit unit sold Sold units 80 at $3.20 100 at $ 3.34 Perpetual LIFO: Cost of Goods Sold 100 at 80 at at wwwwww $ 3.00 = $ 3.20 = at $ 3.00 = at $ 3.20 = at $ 3.34 = delete Inventory Balance $ $ 960 256 $1,216 $ 960 $ 960 256 334 1,550 home 7:0 9/29
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Find: 1 ) Ending inventory , CGS, 2 ) Total Sales , Gross profit 3 ) Journal entries of sales , CGS . All sales on account. FIFO Strictly.
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