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Sales during the year were 500 units. Beginning inventory was 400 units at a cost of $6 per unit. Purchase 1 was 200 units at $7 per unit. Purchase 2 was 100 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Complete this question by entering your answers in the tabs below. Required A Required B Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. Note: Enter all values as a positive value. Periodic FIFO Beginning Inventory Purchases: Purchase 1 Purchase 2 Total Required A Periodic LIFO Complete this question by entering your answers in the tabs below. Cost of Goods Available for Sale Cost of Goods Available for Sale Required B Beginning Inventory Purchases: Purchase 1 Purchase 2 Number Cost per of units unit Total Number of units sold Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Cost of Goods Available for Sale Cost of Goods Available for Sale Cost of Goods Sold Required A Number of Cost per units unit Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Note: Enter all values as a positive value. Cost per unit Number of units sold Cost of Goods Sold Cost of Goods Sold Cost per unit Required R Number of units in ending inventory Cost of Goods Sold Inventory Balance Cost per unit Number of units in ending. inventory Inventory Balance Cost per unit Ending Inventory Ending Inventory

Sales during the year were 500 units. Beginning inventory was 400 units at a cost of $6 per unit. Purchase 1 was 200 units at $7 per unit. Purchase 2 was 100 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Complete this question by entering your answers in the tabs below. Required A Required B Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. Note: Enter all values as a positive value. Periodic FIFO Beginning Inventory Purchases: Purchase 1 Purchase 2 Total Required A Periodic LIFO Complete this question by entering your answers in the tabs below. Cost of Goods Available for Sale Cost of Goods Available for Sale Required B Beginning Inventory Purchases: Purchase 1 Purchase 2 Number Cost per of units unit Total Number of units sold Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Cost of Goods Available for Sale Cost of Goods Available for Sale Cost of Goods Sold Required A Number of Cost per units unit Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Note: Enter all values as a positive value. Cost per unit Number of units sold Cost of Goods Sold Cost of Goods Sold Cost per unit Required R Number of units in ending inventory Cost of Goods Sold Inventory Balance Cost per unit Number of units in ending. inventory Inventory Balance Cost per unit Ending Inventory Ending Inventory

FINANCIAL ACCOUNTING
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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Sales during the year were 500 units. Beginning inventory was 400 units at a cost of $6 per unit. Purchase 1 was 200 units at $7 per unit. Purchase 2 was 100 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Complete this question by entering your answers in the tabs below. Required A Required B Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. Note: Enter all values as a positive value. Periodic FIFO Beginning Inventory Purchases: Purchase 1 Purchase 2 Total Required A Periodic LIFO Cost of Goods Available for Sale Complete this question by entering your answers in the tabs below. Required B Beginning Inventory Purchases: Purchase 1 Purchase 2 Number Cost per of units unit Total Cost of Goods Available for Sale Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Cost of Goods Available for Sale Cost of Goods Available for Sale Number of units Number of units sold Cost per unit Cost of Goods Sold Required A Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Note: Enter all values as a positive value. Cost per unit Number of units sold Cost of Goods Sold Cost of Goods Sold Cost per unit Required A Required B Number of units in ending inventory Cost of Goods Sold Inventory Balance Required 3 Number of units in ending inventory Cost per unit Inventory Balance Cost per unit Ending Inventory Ending Inventory
Transcribed Image Text:Sales during the year were 500 units. Beginning inventory was 400 units at a cost of $6 per unit. Purchase 1 was 200 units at $7 per unit. Purchase 2 was 100 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Complete this question by entering your answers in the tabs below. Required A Required B Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. Note: Enter all values as a positive value. Periodic FIFO Beginning Inventory Purchases: Purchase 1 Purchase 2 Total Required A Periodic LIFO Cost of Goods Available for Sale Complete this question by entering your answers in the tabs below. Required B Beginning Inventory Purchases: Purchase 1 Purchase 2 Number Cost per of units unit Total Cost of Goods Available for Sale Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Cost of Goods Available for Sale Cost of Goods Available for Sale Number of units Number of units sold Cost per unit Cost of Goods Sold Required A Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Note: Enter all values as a positive value. Cost per unit Number of units sold Cost of Goods Sold Cost of Goods Sold Cost per unit Required A Required B Number of units in ending inventory Cost of Goods Sold Inventory Balance Required 3 Number of units in ending inventory Cost per unit Inventory Balance Cost per unit Ending Inventory Ending Inventory
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