The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method.
The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter6: Receivables And Inventories
Section: Chapter Questions
Problem 6.4.1P: Inventory by three cost flow methods Details regarding the inventory of appliances on January 1,...
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![Activities
Beginning inventory
Tree Seedlings has the following current-year purchases and sales for its only product.
Date
January 1
Units Acquired at Cost Units Sold at Retail
150 units
@ $2 = $ 300
January 31
Sales
106 units @ $ 8
February 14
February 15
Purchase
Sales
228 units
June 30
November 6
November 19
Purchase
Sales
Purchase
Totals
200 units
64 units
642 units
@ $3 = $ 684
@ $4 = $ 800
170 units @ $ 8
152 units
@ $ 8
@ $5 = $320
$
428 units
2,104
The company uses a periodic inventory system.
a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
c. Compute the gross profit for each method.
tes
Complete this question by entering your answers in the tabs below.
Required A Required B Required C
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
Periodic Inventory System
Ending
Inventory
Cost of
Goods Sold
FIFO
<Required A
Required B >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F77314b48-dfc3-4b9f-b98d-b6bcaf85f9d7%2Fe1071e56-28b9-43b4-ab52-66643169a3d0%2Foiyxbn_processed.png&w=3840&q=75)
Transcribed Image Text:Activities
Beginning inventory
Tree Seedlings has the following current-year purchases and sales for its only product.
Date
January 1
Units Acquired at Cost Units Sold at Retail
150 units
@ $2 = $ 300
January 31
Sales
106 units @ $ 8
February 14
February 15
Purchase
Sales
228 units
June 30
November 6
November 19
Purchase
Sales
Purchase
Totals
200 units
64 units
642 units
@ $3 = $ 684
@ $4 = $ 800
170 units @ $ 8
152 units
@ $ 8
@ $5 = $320
$
428 units
2,104
The company uses a periodic inventory system.
a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
c. Compute the gross profit for each method.
tes
Complete this question by entering your answers in the tabs below.
Required A Required B Required C
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
Periodic Inventory System
Ending
Inventory
Cost of
Goods Sold
FIFO
<Required A
Required B >
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