esSales during the year were 650 units. Beginninginventory 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 endinginventory using FIFO method.>. Assume the periodic inventory system is used.Calculate cost of goods sold and endinginventory using LIFO method.Complete this question by entering your answers in the tabs below.Required AAssume 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 FIFORequired BBeginning InventoryPurchases:Purchase 1Purchase 2TotalCost of Goods Available for SaleNumberof unitsCost perunitCost of GoodsAvailable forSaleCost of Goods SoldNumber ofunits sold< Required ACost perunitCost ofGoods SoldInventoryNumber ofunits inendinginventoryRequired B >Costun The balance in Happ Incorporated's generalledger Cash account was $14,190 at August 31,before reconciliation. The August 31 balanceshown in the bank statement was $12,730.Reconciling items included deposits in transit,$1,360; bank service charges, $150; NSF checkwritten by a customer and returned with thebank statement, $610; outstanding checks,$540; and interest credited to the accountduring September but not recorded on thecompany's books, $120.Required:Prepare a bank reconciliation as of August 31 forHapp IncorporatedBalance per bankAdd:Deduct:Reconciled balance.HAPP INCORPORATEDBank ReconciliationAugust 31Balance per booksAdd:Deduct:Reconciled balance

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Description: esSales during the year were 650 units. Beginninginventory 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

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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.

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

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The cost of merchandise sold and merchandise inventory is determined from the inventory cost flow assumption. To illustrate, beginning inventory, purchases and sales of shoes are shown below for Grant Co., using a perpetual inventory system. 1. In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the FIFO cost flow assumption, assuming 32 shoes are sold on March 24. Determine the COMS and Merchandise inventory final balances. If units are in inventory or are listed under cost of merchandise sold at two different costs, enter the units that were purchased earliest first. 2. In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the LIFO cost flow assumption, assuming 32 shoes are sold on March 24. Determine the COMS and Merchandise…
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