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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

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 6EB: Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a...
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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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