quirement 1. Determine the amount that would be reported in ending merchandise inventory on October 15 using the FIFO inventory costing method. er the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total c entory purchased, sold, and on hand at the end of the period. (Enter all amounts to the nearest cent, $X.XX. Enter the oldest inventory layers first.) Cost of Goods Sold Date Oct. 2 6 8 13 Purchases Unit Total Quantity Cost Cost 10 $ 1.60 $ 16.00 2 $ 1.90 $ 3.80 2 $ 2.35 $ 4.70 Unit Quantity Cost Total Cost 4 $ 1.60 $ 6.40 Inventory on Hand Unit Cost Quantity 10 $ 1.60 $ 10 $ 1.60 $ 2 $ 1.90 $ 2 2 Total Cost 16.00 16.00 3.80 More info Oct. 2 Oct. 6 Oct. 8 Oct. 13 Oct. 14 Purchased 10 gallons @ $1.60 each Purchased 2 gallons @ $1.90 each Sold 4 gallons of milk to a customer Purchased 2 gallons @ $2.35 each Sold 4 gallons of milk to a customer X

quirement 1. Determine the amount that would be reported in ending merchandise inventory on October 15 using the FIFO inventory costing method. er the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total c entory purchased, sold, and on hand at the end of the period. (Enter all amounts to the nearest cent, $X.XX. Enter the oldest inventory layers first.) Cost of Goods Sold Date Oct. 2 6 8 13 Purchases Unit Total Quantity Cost Cost 10 $ 1.60 $ 16.00 2 $ 1.90 $ 3.80 2 $ 2.35 $ 4.70 Unit Quantity Cost Total Cost 4 $ 1.60 $ 6.40 Inventory on Hand Unit Cost Quantity 10 $ 1.60 $ 10 $ 1.60 $ 2 $ 1.90 $ 2 2 Total Cost 16.00 16.00 3.80 More info Oct. 2 Oct. 6 Oct. 8 Oct. 13 Oct. 14 Purchased 10 gallons @ $1.60 each Purchased 2 gallons @ $1.90 each Sold 4 gallons of milk to a customer Purchased 2 gallons @ $2.35 each Sold 4 gallons of milk to a customer X

Name: 8 Requirement 1. Determine the amount that would be reported in ending
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Description: 8 Requirement 1. Determine the amount that would be reported in ending merchandise inventory on October 15 using the FIFO inventory costing method.Enter the transactions in chronological order, calculating new inventory on hand balances after each tr

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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