Sales during the year were 700 units. Beginning Inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 perunit. Purchase 2 was 300 units at $14 per unit.Required:a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending Inventory using FIFO method. (Enter allvalues as a positive value.)Periodic FIFOBeg. InventoryPurchases:Purchase 1Purchase 2TotalPeriodic LIFOBeg. InventoryPurchases:Purchase 1Purchase 2Cost of Goods Available for SaleCost of GoodsAvailable forSaleTotal# ofunitsCost perunitCost of Goods Available for SaleCost of GoodsAvailable forSale# ofunitsb. Assume the periodic Inventory system is used. Calculate cost of goods sold and ending Inventory using LIFO method. (Enter allvalues as a positive value.)Cost of Goods SoldCost perunitCost perunit# of unitssoldCost ofGoods SoldCost of Goods SoldCost perunit# of unitssoldInventory BalanceCost perunitCost ofGoods Sold# of unitsin endinginventoryEndingInventoryInventory BalanceCost perunit# of unitsin endinginventoryEndingInventory

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Description: Sales during the year were 700 units. Beginning Inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 perunit. Purchase 2 was 300 units at $14 per unit.Required:a. Assume the periodic inventory system is used. Calculate

FIFO method uses the inventory which is bought first for the production, but whereas the LIFO method…

Business

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Sales during the year were 700 units. Beginning Inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic Inventory system is used. Calculate cost of goods sold and ending Inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Beg. Inventory Purchases: Purchase 1 Purchase 2 Total Beg. Inventory Purchases: Cost of Goods Available for Sale Cost of Goods Available for Sale Purchase 1 Purchase 2 # of Cost per units unit Cost of Goods Available for Sale Cost of Goods Available for Sale Cost of Goods Sold Cost per unit # of Cost per units unit # of units sold b. Assume the periodic Inventory system is used. Calculate cost of goods sold and ending Inventory using LIFO method. (Enter all values as a positive value.) Periodic LIFO Cost of Goods Sold Cost of Goods Sold Cost per unit # of units sold Inventory Balance Cost per unit Cost of Goods Sold # of units in ending inventory Ending Inventory Inventory Balance Cost per unit # of units in ending inventory Ending Inventory

Sales during the year were 700 units. Beginning Inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic Inventory system is used. Calculate cost of goods sold and ending Inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Beg. Inventory Purchases: Purchase 1 Purchase 2 Total Beg. Inventory Purchases: Cost of Goods Available for Sale Cost of Goods Available for Sale Purchase 1 Purchase 2 # of Cost per units unit Cost of Goods Available for Sale Cost of Goods Available for Sale Cost of Goods Sold Cost per unit # of Cost per units unit # of units sold b. Assume the periodic Inventory system is used. Calculate cost of goods sold and ending Inventory using LIFO method. (Enter all values as a positive value.) Periodic LIFO Cost of Goods Sold Cost of Goods Sold Cost per unit # of units sold Inventory Balance Cost per unit Cost of Goods Sold # of units in ending inventory Ending Inventory Inventory Balance Cost per unit # of units in ending inventory Ending Inventory

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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