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The records of GHI Corp. reflected the following for the month of February: ( Date Transaction Number of Units Unit Cost 2/1 Beginning inventory 600 2/2 Purchase No.1 500 2/5 Sale No. 1 700 2/12 Purchase No. 2 600 2/15 Sale No. 2 700 900 ? 2/23 Purchase No. 3 2/28 Ending inventory $3 $4 $5 $6 Required: Determine the amount of ending inventory and cost of goods sold using the following periodic system inventory costing methods:

The records of GHI Corp. reflected the following for the month of February: ( Date Transaction Number of Units Unit Cost 2/1 Beginning inventory 600 2/2 Purchase No.1 500 2/5 Sale No. 1 700 2/12 Purchase No. 2 600 2/15 Sale No. 2 700 900 ? 2/23 Purchase No. 3 2/28 Ending inventory $3 $4 $5 $6 Required: Determine the amount of ending inventory and cost of goods sold using the following periodic system inventory costing methods:

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 records of GHI Corp. reflected the following for the month of February: ( Date Transaction 2/1 Beginning inventory 2/2 Purchase No.1 2/5 Sale No. 1 2/12 Purchase No. 2 2/15 Sale No. 2 2/23 Purchase No. 3 2/28 Ending inventory Method Inventory A. LIFO B. FIFO Required: Determine the amount of ending inventory and cost of goods sold using the following periodic system inventory costing methods: IA $ 10 Number of Units Unit Cost 600 500 700 600 700 900 ? $ $3 $4 $5 $6 Cost of Goods Sold $
Transcribed Image Text:The records of GHI Corp. reflected the following for the month of February: ( Date Transaction 2/1 Beginning inventory 2/2 Purchase No.1 2/5 Sale No. 1 2/12 Purchase No. 2 2/15 Sale No. 2 2/23 Purchase No. 3 2/28 Ending inventory Method Inventory A. LIFO B. FIFO Required: Determine the amount of ending inventory and cost of goods sold using the following periodic system inventory costing methods: IA $ 10 Number of Units Unit Cost 600 500 700 600 700 900 ? $ $3 $4 $5 $6 Cost of Goods Sold $
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