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The beginning inventory was 390 units at a cost of $10 per unit. Goods available for sale during the year were 1,570 units at a total cost of $17,370. In May, 690 units were purchased at a total cost of $7,590. The only other purchase transaction occurred during October. Ending inventory was 685 units. Required: a. Calculate the number of units purchased in October and the cost per unit purchased in October. b. 1. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. 2. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Calculate the number of units purchased in October and the cost per unit purchased in October. Purchased in October Number of units Cost per unit < Required A Required B1 >

The beginning inventory was 390 units at a cost of $10 per unit. Goods available for sale during the year were 1,570 units at a total cost of $17,370. In May, 690 units were purchased at a total cost of $7,590. The only other purchase transaction occurred during October. Ending inventory was 685 units. Required: a. Calculate the number of units purchased in October and the cost per unit purchased in October. b. 1. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. 2. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Calculate the number of units purchased in October and the cost per unit purchased in October. Purchased in October Number of units Cost per unit < Required A Required B1 >

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 beginning inventory was 390 units at a cost of $10 per unit. Goods available for sale during the year were 1,570 units at a total cost of $17,370. In May, 690 units were purchased at a total cost of $7,590. The only other purchase transaction occurred during October. Ending inventory was 685 units. Required: a. Calculate the number of units purchased in October and the cost per unit purchased in October. b. 1. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. 2. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Calculate the number of units purchased in October and the cost per unit purchased in October. Purchased in October Number of units Cost per unit < Required A Required B1 >
Transcribed Image Text:The beginning inventory was 390 units at a cost of $10 per unit. Goods available for sale during the year were 1,570 units at a total cost of $17,370. In May, 690 units were purchased at a total cost of $7,590. The only other purchase transaction occurred during October. Ending inventory was 685 units. Required: a. Calculate the number of units purchased in October and the cost per unit purchased in October. b. 1. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. 2. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Calculate the number of units purchased in October and the cost per unit purchased in October. Purchased in October Number of units Cost per unit < Required A Required B1 >
Required A Required B1 Required B2 Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. Note: Enter all values as a positive value. Periodic FIFO Beginning Inventory Purchases: May October Total Required A Required B1 Required B2 Periodic LIFO Cost of Goods Available for Sale Beginning Inventory Purchases: May October Number of Cost per unit units Total Cost of Goods Available for Sale Cost of Goods Available for Sale Number of units Cost per unit Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Note: Enter all values as a positive value. Cost of Goods Sold Cost of Goods Available for Sale Number of Cost per units sold unit < Required A Cost of Goods Sold Cost of Goods Sold Cost per unit Number of units sold < Required B1 Inventory Balance Number of units Cost per in ending unit inventory Required B2 > Inventory Balance Cost per unit Number of Cost of Goods Sold units in ending inventory Required B2 > Ending Inventory Ending Inventory
Transcribed Image Text:Required A Required B1 Required B2 Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. Note: Enter all values as a positive value. Periodic FIFO Beginning Inventory Purchases: May October Total Required A Required B1 Required B2 Periodic LIFO Cost of Goods Available for Sale Beginning Inventory Purchases: May October Number of Cost per unit units Total Cost of Goods Available for Sale Cost of Goods Available for Sale Number of units Cost per unit Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Note: Enter all values as a positive value. Cost of Goods Sold Cost of Goods Available for Sale Number of Cost per units sold unit < Required A Cost of Goods Sold Cost of Goods Sold Cost per unit Number of units sold < Required B1 Inventory Balance Number of units Cost per in ending unit inventory Required B2 > Inventory Balance Cost per unit Number of Cost of Goods Sold units in ending inventory Required B2 > Ending Inventory Ending Inventory
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