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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
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
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