Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the ye information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $75 per unit) e. Sale, October 31 (sold for $78 per unit) f. Operating expenses (excluding income tax expense), $393,000 Unit Units Cost 1,500 7,500 3,500 2,100 6,500 $ 30 31 33 Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost
Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the ye information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $75 per unit) e. Sale, October 31 (sold for $78 per unit) f. Operating expenses (excluding income tax expense), $393,000 Unit Units Cost 1,500 7,500 3,500 2,100 6,500 $ 30 31 33 Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following
information at the end of the annual accounting period, December 31.
Transactions
a. Inventory, Beginning
For the year:
b. Purchase, March 5
c. Purchase, September 19
d. Sale, April 15 (sold for $75 per unit)
e. Sale, October 31 (sold for $78 per unit)
f. Operating expenses (excluding income tax expense),
$393,000
Units
Unit
Cost
1,500
7,500
3,500
2,100
6,500
S 30
31
33
Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost
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