Question attacheed in screenshotthank sfor the helpgreatly appreicatedoeipt234p2o3i5po2i35po23i5p2o3i52po5i3po2ip3o5i2p3oi2p Woody's specializes in sound equipment. Company records indicate the following data for a line of speakers:(Click the icon to view the data.)Read the requirements.Requirement 1. Determine the amounts that Woody's should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (Woody's uses a perpetualinventory system.)Start by determining the amounts that Woody's should report for cost of goods sold and ending inventory under a. FIFO.$$460522FIFO method cost of goods sold =FIFO method ending inventory =Determinie the amounts that Woody's should report for cost of goods sold and ending inventory under b. LIFO.LIFO method cost of goods sold =LIFO method ending inventory = Requirements1. Determine the amounts that Woody's should report for cost of goods sold andending inventory two ways: (Woody's uses a perpetual inventory system.)a. FIFOb. LIFO2. Woody's uses the FIFO method. Prepare the company's income statement forthe month ended March 31, 2021, reporting gross profit. Operating expensestotaled $330, and the income tax rate was 35%.Print- XDoneData tableDateMar 1Mar 2Mar 7Mar 13ItemBalancePurchaseSaleSalePrintQuantity11764Unit Cost$Done4668Sale Price$9191

INVENTORY VALUATION Inventory Valuation is a Method of Calculation of Value of Inventory at the End…

Requirements 1. Determine the amounts that Woody's should report for cost of goods sold and ending inventory two ways: (Woody's uses a perpetual inventory system.) a. FIFO b. LIFO 2. Woody's uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $330, and the income tax rate was 35%. Print - X Done Data table Date Mar 1 Mar 2 Mar 7 Mar 13 Item Balance Purchase Sale Sale Print Quantity 11 7 6 4 Unit Cost $ Done 46 68 Sale Price $ 91 91

Requirements 1. Determine the amounts that Woody's should report for cost of goods sold and ending inventory two ways: (Woody's uses a perpetual inventory system.) a. FIFO b. LIFO 2. Woody's uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $330, and the income tax rate was 35%. Print - X Done Data table Date Mar 1 Mar 2 Mar 7 Mar 13 Item Balance Purchase Sale Sale Print Quantity 11 7 6 4 Unit Cost $ Done 46 68 Sale Price $ 91 91

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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5i3po2ip3o5i2p3oi2p

Woody's specializes in sound equipment. Company records indicate the following data for a line of speakers:
(Click the icon to view the data.)
Read the requirements.
Requirement 1. Determine the amounts that Woody's should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (Woody's uses a perpetual
inventory system.)
Start by determining the amounts that Woody's should report for cost of goods sold and ending inventory under a. FIFO.
$
$
460
522
FIFO method cost of goods sold =
FIFO method ending inventory =
Determinie the amounts that Woody's should report for cost of goods sold and ending inventory under b. LIFO.
LIFO method cost of goods sold =
LIFO method ending inventory =

Requirements
1. Determine the amounts that Woody's should report for cost of goods sold and
ending inventory two ways: (Woody's uses a perpetual inventory system.)
a. FIFO
b. LIFO
2. Woody's uses the FIFO method. Prepare the company's income statement for
the month ended March 31, 2021, reporting gross profit. Operating expenses
totaled $330, and the income tax rate was 35%.
Print
- X
Done
Data table
Date
Mar 1
Mar 2
Mar 7
Mar 13
Item
Balance
Purchase
Sale
Sale
Print
Quantity
11
7
6
4
Unit Cost
$
Done
46
68
Sale Price
$
91
91

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