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
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8fa072c0-a0c4-4988-9688-edbe18b8bc58%2F967192b4-0b3e-4e51-83a4-e0cd388d9f84%2Fks1la69_processed.jpeg&w=3840&q=75)
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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