Smith Company inventory records indicate the following transactions for October. Smith uses a perpetual Inventory system: October 1 Beginning inventory 9 Purchase 15 Sold 17 Purchase 21 Sold 28 Purchase 23 Required: The physical count of inventory at October 31 indicates that 4,500 units are on hand. For specific identification purposes assume 1,800 units remain from the October 28 purchase and 2,700 remain from October 17 purchase. Compute ending inventory and cost of goods sold using each of the following methods: 1. Specific Identification First-in, First-out 2.400 units @$5.00 5,600 units @$5.20 6,000 units @$7.00 3,500 units @$5.36 3,000 units @$7.25 2.000 units @$5.46 3. Weighted-average cost
Smith Company inventory records indicate the following transactions for October. Smith uses a perpetual Inventory system: October 1 Beginning inventory 9 Purchase 15 Sold 17 Purchase 21 Sold 28 Purchase 23 Required: The physical count of inventory at October 31 indicates that 4,500 units are on hand. For specific identification purposes assume 1,800 units remain from the October 28 purchase and 2,700 remain from October 17 purchase. Compute ending inventory and cost of goods sold using each of the following methods: 1. Specific Identification First-in, First-out 2.400 units @$5.00 5,600 units @$5.20 6,000 units @$7.00 3,500 units @$5.36 3,000 units @$7.25 2.000 units @$5.46 3. Weighted-average cost
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
Related questions
Topic Video
Question
please answer without copy paste and with all work like explanation , computation, formula with steps need correct and complete answer for better understanding please answer in text no AI no handwritten no image need accurate answer need answer in text
![Smith Company inventory records indicate the following transactions for October. Smith
uses a perpetual Inventory system:
October
1.
2.
3.
1 Beginning inventory
9 Purchase
Required:
The physical count of inventory at October 31 indicates that 4,500 units are on hand.
For specific identification purposes assume 1,800 units remain from the October 28
purchase and 2,700 remain from October 17 purchase. Compute ending inventory and
cost of goods sold using each of the following methods:
Ending Inventory
15 Sold
17 Purchase
21 Sold
28 Purchase
Specific Identification
First-in, First-out
Weighted-average cost
Cost of Goods Sold
2.400 units @$5.00
5,600 units @$5.20
6,000 units @$7.00
3,500 units @$5.36
3,000 units @$7.25
2,000 units @$5.46
Specific Identification
First-in, First-out
Weighted Average](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6ecd48e7-e742-4286-8acd-cf6b6a94b055%2Fbc9a9382-d401-4334-8b0d-a4901893e372%2Fhe6ec2q_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Smith Company inventory records indicate the following transactions for October. Smith
uses a perpetual Inventory system:
October
1.
2.
3.
1 Beginning inventory
9 Purchase
Required:
The physical count of inventory at October 31 indicates that 4,500 units are on hand.
For specific identification purposes assume 1,800 units remain from the October 28
purchase and 2,700 remain from October 17 purchase. Compute ending inventory and
cost of goods sold using each of the following methods:
Ending Inventory
15 Sold
17 Purchase
21 Sold
28 Purchase
Specific Identification
First-in, First-out
Weighted-average cost
Cost of Goods Sold
2.400 units @$5.00
5,600 units @$5.20
6,000 units @$7.00
3,500 units @$5.36
3,000 units @$7.25
2,000 units @$5.46
Specific Identification
First-in, First-out
Weighted Average
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Step 1: Introduction to inventory valuation
VIEWStep 2: Calculation of ending inventory and cost of goods sold under Specific Identification
VIEWStep 3: Calculation of ending inventory and cost of goods sold under FIFO
VIEWStep 4: Calculation of ending inventory and cost of goods sold under Weighted-Average Method
VIEWSolution
VIEWTrending now
This is a popular solution!
Step by step
Solved in 5 steps with 3 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning