Time left Alpha SE, a wholesale company, uses the FiFo (First in First out) method for the valuatio The table below shows the development of inventory for the fiscal year (ending December 31st). Please write the following values in the table: 1. Costs of goods sold (for the months April, August, September) 2. Quantity of the closing inventory Show Month Transaction type Quantity Costs per unit Costs of goods sold January Initial inventory 200 250 EUR March Purchased 200 250 EUR April June July Sold 200 EUR Purchased 500 470 EUR Purchased 100 300 EUR August Sold 450 EUR September Sold 100 EUR November Purchased 300 200 EUR December Closing inventory

Time left Alpha SE, a wholesale company, uses the FiFo (First in First out) method for the valuatio The table below shows the development of inventory for the fiscal year (ending December 31st). Please write the following values in the table: 1. Costs of goods sold (for the months April, August, September) 2. Quantity of the closing inventory Show Month Transaction type Quantity Costs per unit Costs of goods sold January Initial inventory 200 250 EUR March Purchased 200 250 EUR April June July Sold 200 EUR Purchased 500 470 EUR Purchased 100 300 EUR August Sold 450 EUR September Sold 100 EUR November Purchased 300 200 EUR December Closing inventory

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...

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Pappas Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the year, and the inventory count at December 31 are summarized as follows: Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. 2. Determine the cost of the inventory on December 31 by the last-in, first-out method, following the procedures indicated in (1). 3. Determine the cost of the inventory on December 31 by the weighted average cost method, using the columnar headings indicated in (1). 4. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
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