The Baby Store had a beginning inventory on January 1 of 320 full-size strollers at a cost of $180 per unit. During the year, the following purchases were made: Units Unit CostMar. 15 78 $181 July 20 62 180 Sept. 4 25 178 Dec. 2 10 173 At the end of the year, there were 35 units on hand. The Baby Store uses a periodic inventory system.Determine the cost of the ending inventory and the cost of goods sold using (1) FIFO and (2) weighted average.

Name: The Baby Store had a beginning inventory on January 1 of 320 full-size
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Description: The Baby Store had a beginning inventory on January 1 of 320 full-size strollers at a cost of $180 per unit. During the year, the following purchases were made: Units Unit CostMar. 15 78 $181 July 20 62 180 Sept. 4 25 178 Dec. 2 10 173 At the end of

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Answered: The Baby Store had a beginning…

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 Baby Store had a beginning inventory on January 1 of 320 full-size strollers at a cost of $180 per unit. During the year, the following purchases were made:

	Units	Unit Cost
Mar. 15	78	$181
July 20	62	180
Sept. 4	25	178
Dec. 2	10	173

At the end of the year, there were 35 units on hand. The Baby Store uses a periodic inventory system.

Determine the cost of the ending inventory and the cost of goods sold using (1) FIFO and (2) weighted average.

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