There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Inventory Costing Methods - Periodic Inventory System Units Unit Cost 0 220 80 Beginning Inventory Purchase Purchase Purchase Total Sales for the month 100 320 units at units at units at Cost of Goods Sold under LIFO Total Cost of Merchandise Purchased during the year (220 x 50) + (80 x 48) + (100 x 47) = 19,540 Total Number of Units Available during the month 220+80+100 = 400 Cost of Goods Sold under FIFO $50 $48 $47 Cost of Goods Sold under Average Cost Cost of the Ending Inventory under FIFO Cost of the Ending Inventory under LIFO Cost of the Ending Inventory under Average Cost
There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Inventory Costing Methods - Periodic Inventory System Units Unit Cost 0 220 80 Beginning Inventory Purchase Purchase Purchase Total Sales for the month 100 320 units at units at units at Cost of Goods Sold under LIFO Total Cost of Merchandise Purchased during the year (220 x 50) + (80 x 48) + (100 x 47) = 19,540 Total Number of Units Available during the month 220+80+100 = 400 Cost of Goods Sold under FIFO $50 $48 $47 Cost of Goods Sold under Average Cost Cost of the Ending Inventory under FIFO Cost of the Ending Inventory under LIFO Cost of the Ending Inventory under Average Cost
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...
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![There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.
Inventory Costing Methods - Periodic Inventory System
Units
Unit Cost
0
220
Beginning Inventory
Purchase
Purchase
Purchase
Total Sales for the month
units at
80 units at
100 units at
320
Total Cost of Merchandise Purchased during the year
(220 x 50) + (80 x 48) + (100 x 47) = 19540
Total Number of Units Available during the month
220 + 80+100 = 400
Cost of Goods Sold under FIFO
Cost of Goods Sold under LIFO
$50
$48
$47
Cost of Goods Sold under Average Cost
Cost of the Ending Inventory under FIFO
Cost of the Ending Inventory under LIFO
Cost of the Ending Inventory under Average Cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F39618134-6ceb-48ac-ab5a-e0c16873beed%2F53e13d44-c0e5-437e-b196-6e776a55607d%2F2tee5h_processed.jpeg&w=3840&q=75)
Transcribed Image Text:There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.
Inventory Costing Methods - Periodic Inventory System
Units
Unit Cost
0
220
Beginning Inventory
Purchase
Purchase
Purchase
Total Sales for the month
units at
80 units at
100 units at
320
Total Cost of Merchandise Purchased during the year
(220 x 50) + (80 x 48) + (100 x 47) = 19540
Total Number of Units Available during the month
220 + 80+100 = 400
Cost of Goods Sold under FIFO
Cost of Goods Sold under LIFO
$50
$48
$47
Cost of Goods Sold under Average Cost
Cost of the Ending Inventory under FIFO
Cost of the Ending Inventory under LIFO
Cost of the Ending Inventory under Average Cost
![The firm uses the perpetual inventory system.
Inventory Costing Methods - Perpetual Inventory System
Date
Units
July 1
July 5
July 15
Beginning Inventory
Purchase
Saie i
Purchase
Sale 2
Purchase
Sale 3
July 20
July 23
July 25
July 30
Total Cost of Merchandise Purchased during the month.
Total Units Sold during the month
Total Units in Ending Inventory at July 31
0
5,000 units at
500
400
1,000
Total Number of Units Available during the month
Cost of Goods Sold for the month under FIFO
Cost of Goods Sold for the month under LIFO
800 units at
1,200
units at
Unit Cost
$100
$105
$110
Cost of Ending Inventory under FIFO
Cost of the Ending Inventory under LIFO](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F39618134-6ceb-48ac-ab5a-e0c16873beed%2F53e13d44-c0e5-437e-b196-6e776a55607d%2Ft2t1sd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The firm uses the perpetual inventory system.
Inventory Costing Methods - Perpetual Inventory System
Date
Units
July 1
July 5
July 15
Beginning Inventory
Purchase
Saie i
Purchase
Sale 2
Purchase
Sale 3
July 20
July 23
July 25
July 30
Total Cost of Merchandise Purchased during the month.
Total Units Sold during the month
Total Units in Ending Inventory at July 31
0
5,000 units at
500
400
1,000
Total Number of Units Available during the month
Cost of Goods Sold for the month under FIFO
Cost of Goods Sold for the month under LIFO
800 units at
1,200
units at
Unit Cost
$100
$105
$110
Cost of Ending Inventory under FIFO
Cost of the Ending Inventory under LIFO
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