Required information [The following information applies to the questions displayed below.] For the current year, Parker Games has the following inventory transactions related to its traditional board games. Parker Games uses a periodic inventory system. Date Transactions January 1 March 12 Beginning inventory Purchase Units 120 Unit Cost $21 90 16 September 17 Purchase 60 9 270 January 1 to December 31 Sales 170 Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. Answer is complete but not entirely correct. Ending inventory $ 700 Cost of goods sold $ 4,500 Total Cost $2,520 1,440 540 $4,500
Required information [The following information applies to the questions displayed below.] For the current year, Parker Games has the following inventory transactions related to its traditional board games. Parker Games uses a periodic inventory system. Date Transactions January 1 March 12 Beginning inventory Purchase Units 120 Unit Cost $21 90 16 September 17 Purchase 60 9 270 January 1 to December 31 Sales 170 Required: 1. Using FIFO, calculate ending inventory and cost of goods sold. Answer is complete but not entirely correct. Ending inventory $ 700 Cost of goods sold $ 4,500 Total Cost $2,520 1,440 540 $4,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required information
[The following information applies to the questions displayed below.]
For the current year, Parker Games has the following inventory transactions related to its traditional board games. Parker
Games uses a periodic inventory system.
Date
Transactions
January 1
March 12
Beginning inventory
Purchase
Units
120
Unit Cost
$21
90
16
September 17
Purchase
60
9
270
January 1 to December 31
Sales
170
Required:
1. Using FIFO, calculate ending inventory and cost of goods sold.
Answer is complete but not entirely correct.
Ending inventory
$
700
Cost of goods sold
$
4,500
Total Cost
$2,520
1,440
540
$4,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F92de30cf-bfeb-4a02-a481-f447e0543527%2F577301f4-c2e9-43ec-90bb-3f1892a7de02%2Fksesx2_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
For the current year, Parker Games has the following inventory transactions related to its traditional board games. Parker
Games uses a periodic inventory system.
Date
Transactions
January 1
March 12
Beginning inventory
Purchase
Units
120
Unit Cost
$21
90
16
September 17
Purchase
60
9
270
January 1 to December 31
Sales
170
Required:
1. Using FIFO, calculate ending inventory and cost of goods sold.
Answer is complete but not entirely correct.
Ending inventory
$
700
Cost of goods sold
$
4,500
Total Cost
$2,520
1,440
540
$4,500
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