Slack Company provided the following inventory information relating to television sets for the current year. Units Unit cost January 1 Inventory on hand April 1 5 Purchase October 1 Purchase 7,500 9,000 10,000 200 300 500 The entity sold 700 TV sets during the year. A physical count on December 31 indicated that 300 TV sets are on hand. Required: Assuming that the entity used the periodic inventory system, compute the cost of the ending inventory and the cost of goods sold using FIFO and weighted average.

Slack Company provided the following inventory information relating to television sets for the current year. Units Unit cost January 1 Inventory on hand April 1 5 Purchase October 1 Purchase 7,500 9,000 10,000 200 300 500 The entity sold 700 TV sets during the year. A physical count on December 31 indicated that 300 TV sets are on hand. Required: Assuming that the entity used the periodic inventory system, compute the cost of the ending inventory and the cost of goods sold using FIFO and weighted average.

Name: Problem 11-7 (IAA)Slack Company provided the following inventory info
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Problem 11-7 (IAA)Slack Company provided the following inventory informationrelating to television sets for the current year.UnitsUnit costJanuary 1 Inventory on handApril 1 5 PurchaseOctober 1 Purchase7,5009,00010,000200300500The entity sold 700 TV

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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