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Question 1 Bianca Company uses the periodic inventory method and recorded the following purchases and sales of inventory during th FIFO Date Units Unit Cost Units Unit Price Sept 1 360 Sept 10 450 Sept 15 540 Sept 17 Sept 20 585 Sept 26 Sept 28 630 LIFO Purchases Average Cost $1.00 $2.00 $3.00 $4.00 Sales $5.00 Instructions: Complete the following table, assuming a periodic inventory system. Round all answers to the nearest dolla. in the following formats: $5,400, or $540. 1,170 $5.00 540 $6.00 Cost of Ending Inventory Cost of Goods Sold Gross Profit

Question 1 Bianca Company uses the periodic inventory method and recorded the following purchases and sales of inventory during th FIFO Date Units Unit Cost Units Unit Price Sept 1 360 Sept 10 450 Sept 15 540 Sept 17 Sept 20 585 Sept 26 Sept 28 630 LIFO Purchases Average Cost $1.00 $2.00 $3.00 $4.00 Sales $5.00 Instructions: Complete the following table, assuming a periodic inventory system. Round all answers to the nearest dolla. in the following formats: $5,400, or $540. 1,170 $5.00 540 $6.00 Cost of Ending Inventory Cost of Goods Sold Gross Profit

FINANCIAL ACCOUNTING
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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Question 1 Bianca Company uses the periodic inventory method and recorded the following purchases and sales of inventory during the Instructions: Date Units Unit Cost Units Unit Price Sept 1 360 $1.00 Sept 10 450 Sept 15 540 Sept 17 Sept 20 585 Sept 26 Sept 28 630 FIFO LIFO Purchases Average Cost $2.00 $3.00 $4.00 Sales $5.00 Complete the following table, assuming a periodic inventory system. Round all answers to the nearest dollar. in the following formats: $5,400, or $540. 1,170 $5.00 540 $6.00 Cost of Ending Inventory Cost of Goods Sold Gross Profit
Transcribed Image Text:Question 1 Bianca Company uses the periodic inventory method and recorded the following purchases and sales of inventory during the Instructions: Date Units Unit Cost Units Unit Price Sept 1 360 $1.00 Sept 10 450 Sept 15 540 Sept 17 Sept 20 585 Sept 26 Sept 28 630 FIFO LIFO Purchases Average Cost $2.00 $3.00 $4.00 Sales $5.00 Complete the following table, assuming a periodic inventory system. Round all answers to the nearest dollar. in the following formats: $5,400, or $540. 1,170 $5.00 540 $6.00 Cost of Ending Inventory Cost of Goods Sold Gross Profit
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