Sales during the year were 650 units. Beginning inventory was 500 units at a cost of $5 per unit. Purchase 1 was 250 units at $6 per unit. Purchase 2 was 150 units at $7 per unit. Required: . Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. . Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Topic Video
Question
es
Sales during the year were 650 units. Beginning
inventory was 500 units at a cost of $5 per unit.
Purchase 1 was 250 units at $6 per unit.
Purchase 2 was 150 units at $7 per unit.
Required:
1. Assume the periodic inventory system is used.
Calculate cost of goods sold and ending
inventory using FIFO method.
>. 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
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
Required B
Beginning Inventory
Purchases:
Purchase 1
Purchase 2
Total
Cost of Goods Available for Sale
Number
of units
Cost per
unit
Cost of Goods
Available for
Sale
Cost of Goods Sold
Number of
units sold
< Required A
Cost per
unit
Cost of
Goods Sold
Inventory
Number of
units in
ending
inventory
Required B >
Cost
un
Transcribed Image Text:es Sales during the year were 650 units. Beginning inventory was 500 units at a cost of $5 per unit. Purchase 1 was 250 units at $6 per unit. Purchase 2 was 150 units at $7 per unit. Required: 1. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. >. 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 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 Required B Beginning Inventory Purchases: Purchase 1 Purchase 2 Total Cost of Goods Available for Sale Number of units Cost per unit Cost of Goods Available for Sale Cost of Goods Sold Number of units sold < Required A Cost per unit Cost of Goods Sold Inventory Number of units in ending inventory Required B > Cost un
The balance in Happ Incorporated's general
ledger Cash account was $14,190 at August 31,
before reconciliation. The August 31 balance
shown in the bank statement was $12,730.
Reconciling items included deposits in transit,
$1,360; bank service charges, $150; NSF check
written by a customer and returned with the
bank statement, $610; outstanding checks,
$540; and interest credited to the account
during September but not recorded on the
company's books, $120.
Required:
Prepare a bank reconciliation as of August 31 for
Happ Incorporated
Balance per bank
Add:
Deduct:
Reconciled balance.
HAPP INCORPORATED
Bank Reconciliation
August 31
Balance per books
Add:
Deduct:
Reconciled balance
Transcribed Image Text:The balance in Happ Incorporated's general ledger Cash account was $14,190 at August 31, before reconciliation. The August 31 balance shown in the bank statement was $12,730. Reconciling items included deposits in transit, $1,360; bank service charges, $150; NSF check written by a customer and returned with the bank statement, $610; outstanding checks, $540; and interest credited to the account during September but not recorded on the company's books, $120. Required: Prepare a bank reconciliation as of August 31 for Happ Incorporated Balance per bank Add: Deduct: Reconciled balance. HAPP INCORPORATED Bank Reconciliation August 31 Balance per books Add: Deduct: Reconciled balance
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
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
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education