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The Acct 201 Co. uses the periodic inventory method and had the following inventory information available: # of Units Unit Cost ($) Total Cost ($) 1/1 Beg. Inventory 100 2 200 1/20 Purchase 300 4 1,200 7/25 Purchase 50 3 150 10/20 Purchase 250 5 1,250 Available for sale 700 units $2,800 Sales for the year were 550 units for $5,000 in total. Required: Answer 1. (a) through (i) and 2. (1) through (3). 1. Base on the above information, calculate (round to the nearest cent): The cost of the ending inventory for the following methods: FIFO _(a)_ LIFO_ Weighted Average_ (c) The cost of merchandise sold for the following methods: FIFO_ LIFO Weighted Average _(f). The gross profit for the following methods: FIFO LIFO _(h) Weighted Average 2. (1) Which method produces the highest ending inventory? (2) Which method generates the lowest gross profit? (3) Which method do you like best and why?

The Acct 201 Co. uses the periodic inventory method and had the following inventory information available: # of Units Unit Cost ($) Total Cost ($) 1/1 Beg. Inventory 100 2 200 1/20 Purchase 300 4 1,200 7/25 Purchase 50 3 150 10/20 Purchase 250 5 1,250 Available for sale 700 units $2,800 Sales for the year were 550 units for $5,000 in total. Required: Answer 1. (a) through (i) and 2. (1) through (3). 1. Base on the above information, calculate (round to the nearest cent): The cost of the ending inventory for the following methods: FIFO _(a)_ LIFO_ Weighted Average_ (c) The cost of merchandise sold for the following methods: FIFO_ LIFO Weighted Average _(f). The gross profit for the following methods: FIFO LIFO _(h) Weighted Average 2. (1) Which method produces the highest ending inventory? (2) Which method generates the lowest gross profit? (3) Which method do you like best and why?

FINANCIAL ACCOUNTING
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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The Acct 201 Co. uses the periodic inventory method and had the following inventory information available: # of Units Unit Cost ($) Total Cost ($) 1/1 Beg. Inventory 100 2 200 |1/20 Purchase 300 4 1,200 7/25 Purchase 50 3 150 10/20 Purchase 250 1,250 Available for sale 700 units $2,800 Sales for the year were 550 units for $5,000 in total. Required: Answer 1. (a) through (i) and 2. (1) through (3). 1. Base on the above information, calculate (round to the nearest cent): The cost of the ending inventory for the following methods: FIFO (a. LIFO _(b) Weighted Average (c) The cost of merchandise sold for the following methods: FIFO (d. LIFO (e). Weighted Average, (f) The gross profit for the following methods: FIFO LIFO _(h). Weighted Average_ _(i) 2. (1) Which method produces the highest ending inventory? (2) Which method generates the lowest gross profit? (3) Which method do you like best and why?
Transcribed Image Text:The Acct 201 Co. uses the periodic inventory method and had the following inventory information available: # of Units Unit Cost ($) Total Cost ($) 1/1 Beg. Inventory 100 2 200 |1/20 Purchase 300 4 1,200 7/25 Purchase 50 3 150 10/20 Purchase 250 1,250 Available for sale 700 units $2,800 Sales for the year were 550 units for $5,000 in total. Required: Answer 1. (a) through (i) and 2. (1) through (3). 1. Base on the above information, calculate (round to the nearest cent): The cost of the ending inventory for the following methods: FIFO (a. LIFO _(b) Weighted Average (c) The cost of merchandise sold for the following methods: FIFO (d. LIFO (e). Weighted Average, (f) The gross profit for the following methods: FIFO LIFO _(h). Weighted Average_ _(i) 2. (1) Which method produces the highest ending inventory? (2) Which method generates the lowest gross profit? (3) Which method do you like best and why?
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