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Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 Units Acquired at Cost 40 units @ $2 February 14 @ $3 = February 15 June 30 November 6 November 19 Activities. Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required A Required B Required C FIFO 70 units 90 units Periodic Inventory System 20 units 220 units @ $4 Complete this question by entering your answers in the tabs below. @ $5 $80 $ 210 $360 $ 100 $750 Units Sold at Retail Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Ending Cost of Inventory Goods Sold 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. 30 units 60 units 86 units 176 units @ $8 @ $8 @ $8

Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 Units Acquired at Cost 40 units @ $2 February 14 @ $3 = February 15 June 30 November 6 November 19 Activities. Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required A Required B Required C FIFO 70 units 90 units Periodic Inventory System 20 units 220 units @ $4 Complete this question by entering your answers in the tabs below. @ $5 $80 $ 210 $360 $ 100 $750 Units Sold at Retail Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Ending Cost of Inventory Goods Sold 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. 30 units 60 units 86 units 176 units @ $8 @ $8 @ $8

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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Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 Units Acquired at Cost 40 units @ $2 February 14 @ $3 = February 15 June 30 November 6 November 19 Activities. Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required A Required B Required C FIFO 70 units 90 units Periodic Inventory System 20 units 220 units @ $4 Complete this question by entering your answers in the tabs below. @ $5 $80 $ 210 $360 $ 100 $750 Units Sold at Retail Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Ending Cost of Inventory Goods Sold 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. 30 units 60 units 86 units 176 units @ $8 @ $8 @ $8
Transcribed Image Text:Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 Units Acquired at Cost 40 units @ $2 February 14 @ $3 = February 15 June 30 November 6 November 19 Activities. Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required A Required B Required C FIFO 70 units 90 units Periodic Inventory System 20 units 220 units @ $4 Complete this question by entering your answers in the tabs below. @ $5 $80 $ 210 $360 $ 100 $750 Units Sold at Retail Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Ending Cost of Inventory Goods Sold 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. 30 units 60 units 86 units 176 units @ $8 @ $8 @ $8
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