Required: 1. Complete the applicable inventory record card, and calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: a. FIFO b. LIFO c. Specific identification d. Weighted average. 2. Prepare the journal entries required to record purchases and sales using the FIFO inventory cost flow assumption. Descriptions are not necessary. 3 Refer to the "Compare" page. Calculate the sum of cost of goods sold and ending inventory balances under each of the four inventory cost flow assumptions. Explain the results. Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of January2019, the number of gadgets purchased and sold was as follows:DateJan. 138Units40040010152027 400300PurchasedJan. 3 purchaseJan. 8 purchaseUnit cost$3$5Opening inventoryJan. 3 purchaseJan. 8 purchaseJan. 15 purchase$7$7Units were sold for the following amount:Jan10$11$12Jan20Total $Units700060240300300***for specific identification, units sold on June 10 came from:Opening inventory0380320700SoldUnit cost**for specific identification, units sold on June 20 came from:0Total $Units200Balance in inventoryUnit cost$2Total $

Name: Required:
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Required: 1. Complete the applicable inventory record card, and calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptio

"Since you have posted multiple questions with multiple sub parts,we will provide the solution only…

Answered: Required:…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

Required:
1. Complete the applicable inventory record card, and calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions:

a. FIFO
b. LIFO
c. Specific identification
d. Weighted average.

2. Prepare the journal entries required to record purchases and sales using the FIFO inventory cost flow assumption. Descriptions are not necessary.


3 Refer to the "Compare" page. Calculate the sum of cost of goods sold and ending inventory balances under each of the four inventory cost flow assumptions. Explain the results.

Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of January
2019, the number of gadgets purchased and sold was as follows:
Date
Jan. 1
3
8
Units
400
400
10
15
20
27 400
300
Purchased
Jan. 3 purchase
Jan. 8 purchase
Unit cost
$3
$5
Opening inventory
Jan. 3 purchase
Jan. 8 purchase
Jan. 15 purchase
$7
$7
Units were sold for the following amount:
Jan
10
$11
$12
Jan
20
Total $
Units
700
0
60
240
300
300
**
*for specific identification, units sold on June 10 came from:
Opening inventory
0
380
320
700
Sold
Unit cost
**for specific identification, units sold on June 20 came from:
0
Total $
Units
200
Balance in inventory
Unit cost
$2
Total $

Expert Solution

Step by step

Solved in 5 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions