Question three:Seif Company sells many products. chairs is one of its popular items. Below is an analysis of theinventory purchases and sales of chairs for the month of April. Seif's Company uses the periodicinventory system. Ending Inventory is determined to be 150 unit.PurchasesUnit CostUnits150$403/1 Beginning inventory3/3Purchase50$503/10 Purchase250$553/30 Purchase100$65Instructions(a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for April.(Show computations)(b) Using the weighted average method, calculate the amount assigned to the inventory on handon April 30. (Show computations)(c) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on April30. (Show computations)

Name: Question three:Seif Company sells many products. chairs is one of its
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Description: Question three:Seif Company sells many products. chairs is one of its popular items. Below is an analysis of theinventory purchases and sales of chairs for the month of April. Seif's Company uses the periodicinventory system. Ending Inventory is det

LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Business

Accounting

Question three : Seif Company sells many products. chairs is one of its popular items. Below is an analysis of the inventory purchases and sales of chairs for the month of April. Seif's Company uses the periodic inventory system. Ending Inventory is determined to be 150 unit. Purchases Units Unit Cost $40 $50 150 Beginning inventory Purchase Purchase Purchase 3/1 3/3 50 3/10 250 $55 3/30 100 $65 Instructions (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for April. (Show computations) b) Using the weighted average method, calculate the amount assigned to the inventory on hand on April 30. (Show computations) c) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on April 30. (Show computations)

Question three : Seif Company sells many products. chairs is one of its popular items. Below is an analysis of the inventory purchases and sales of chairs for the month of April. Seif's Company uses the periodic inventory system. Ending Inventory is determined to be 150 unit. Purchases Units Unit Cost $40 $50 150 Beginning inventory Purchase Purchase Purchase 3/1 3/3 50 3/10 250 $55 3/30 100 $65 Instructions (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for April. (Show computations) b) Using the weighted average method, calculate the amount assigned to the inventory on hand on April 30. (Show computations) c) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on April 30. (Show computations)

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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