Sales during the year were 980 units. Beginning Inventory was 320 units at a cost of $3 per unit. Purchase 1 was 490 units at $4 perunit. Purchase 2 was 760 units at $5 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 2TotalBeg. InventoryPurchases:Purchase 1Purchase 2Cost of Goods Available for SaleCost of GoodsAvailable forSaleTotal# ofunits320 $4907601,570Cost perunit# ofunits03 $45Cost perunit$Cost of Goods Available for SaleCost of GoodsAvailable forSale960$1,9603,8006,720$00Cost of Goods SoldCost perunit00# of unitssold320 Sb. Assume the periodic Inventory system is used. Calculate cost of goods sold and ending Inventory using LIFO method. (Enter allvalues as a positive value.)Periodic LIFO4,9901705,480Cost ofGoods Sold3 $ 980# of unitssold40519,980850$ 21,770Cost of Goods SoldCost perunitInventory BalanceCost perunit$# of unitsin endinginventory0590590# of unitsCost ofGoods Sold in endinginventory5EndingInventory2,950$ 2,950Inventory BalanceCost perunitEndingInventory$0

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Description: Sales during the year were 980 units. Beginning Inventory was 320 units at a cost of $3 per unit. Purchase 1 was 490 units at $4 perunit. Purchase 2 was 760 units at $5 per unit.Required:a. Assume the periodic Inventory system is used. Calculate cos

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Sales during the year were 980 units. Beginning Inventory was 320 units at a cost of $3 per unit. Purchase 1 was 490 units at $4 per unit. Purchase 2 was 760 units at $5 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 Cost of Goods Available for Sale Cost of Goods Available for Sale # of units Cost per unit 320 $ 490 760 1,570 3 $ 4 5 $ 960 1,960 3,800 8,720 Cost of Goods Sold Cost per unit # of units sold 320 S 4,990 170 5,480 3 4 5 Cost of Goods Sold $ 960 $ 19,980 850 21,770 Inventory Balance Cost per unit # of units in ending inventory 590 590 5 Ending Inventory $ 2,950 2,950 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.)

Sales during the year were 980 units. Beginning Inventory was 320 units at a cost of $3 per unit. Purchase 1 was 490 units at $4 per unit. Purchase 2 was 760 units at $5 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 Cost of Goods Available for Sale Cost of Goods Available for Sale # of units Cost per unit 320 $ 490 760 1,570 3 $ 4 5 $ 960 1,960 3,800 8,720 Cost of Goods Sold Cost per unit # of units sold 320 S 4,990 170 5,480 3 4 5 Cost of Goods Sold $ 960 $ 19,980 850 21,770 Inventory Balance Cost per unit # of units in ending inventory 590 590 5 Ending Inventory $ 2,950 2,950 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.)

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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