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The beginning inventory was 500 units at a cost of $11 per unit. Goods available for sale during the year were 1,900 units at a total cost of $22,900. In May, 800 units were purchased at a total cost of $9,600. The only other purchase transaction occurred during October. Ending inventory was 850 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 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. Periodic LIFO Beginning Inventory Purchases: May October Total Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Cost of Goods Number of units Cost per unit Available for Number of units sold Cost per unit Cost of Goods Sold Number of units in ending Cost per unit Ending Inventory Sale inventory $ 69 0 0 0 0 $ 0 0 $ 0 0 $ 0

The beginning inventory was 500 units at a cost of $11 per unit. Goods available for sale during the year were 1,900 units at a total cost of $22,900. In May, 800 units were purchased at a total cost of $9,600. The only other purchase transaction occurred during October. Ending inventory was 850 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 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. Periodic LIFO Beginning Inventory Purchases: May October Total Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Cost of Goods Number of units Cost per unit Available for Number of units sold Cost per unit Cost of Goods Sold Number of units in ending Cost per unit Ending Inventory Sale inventory $ 69 0 0 0 0 $ 0 0 $ 0 0 $ 0

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PA: The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month...
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The beginning inventory was 500 units at a cost of $11 per unit. Goods available for sale during the year were 1,900 units at a total cost of $22,900. In May, 800 units were purchased at a total cost of $9,600. The only other purchase transaction occurred during October. Ending inventory was 850 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 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. Periodic LIFO Beginning Inventory Purchases: May October Total Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Cost of Goods Number of units Cost per unit Available for Number of units sold Cost per unit Cost of Goods Sold Number of units in ending Cost per unit Ending Inventory Sale inventory $ 69 0 0 0 0 $ 0 0 $ 0 0 $ 0
Transcribed Image Text:The beginning inventory was 500 units at a cost of $11 per unit. Goods available for sale during the year were 1,900 units at a total cost of $22,900. In May, 800 units were purchased at a total cost of $9,600. The only other purchase transaction occurred during October. Ending inventory was 850 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 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. Periodic LIFO Beginning Inventory Purchases: May October Total Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Cost of Goods Number of units Cost per unit Available for Number of units sold Cost per unit Cost of Goods Sold Number of units in ending Cost per unit Ending Inventory Sale inventory $ 69 0 0 0 0 $ 0 0 $ 0 0 $ 0
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