Tyler Sporting Equipment uses the periodic inventory system during 2022 as shown below. Beginning Inventory, January 1, 2021 Purchases: January 18 March 3 June 30 October 18 Ending Inventory, December 31, 2021 Unite Unit Cost 37 $10 21 26 31 37 16 11 11 9 10 What is the cost of the ending inventory and the cost of goods sold? Assume the company utilizes the LIFO method. Show all of your work in the worksheet space provided. Round your answers to 2 decimal places.
Tyler Sporting Equipment uses the periodic inventory system during 2022 as shown below. Beginning Inventory, January 1, 2021 Purchases: January 18 March 3 June 30 October 18 Ending Inventory, December 31, 2021 Unite Unit Cost 37 $10 21 26 31 37 16 11 11 9 10 What is the cost of the ending inventory and the cost of goods sold? Assume the company utilizes the LIFO method. Show all of your work in the worksheet space provided. Round your answers to 2 decimal places.
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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![Tyler Sporting Equipment uses the periodic inventory system and had the following inventory m
during 2022 as shown below.
Beginning Inventory, January 1, 2021
Purchases:
January 18
March 3
June 30
October 18
Ending Inventory, December 31, 2021
Show your work here:
Unite Unit Cost
37
$10
Answer
Ending inventory
21
26
31
37
16
11
11
What is the cost of the ending inventory and the cost of goods sold? Assume the company utilizes the LIFO method.
Show all of your work in the worksheet space provided. Round your answers to 2 decimal places.
9
10
Cost of goods sold](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F78d89b7e-3310-41dc-9a17-c878c6890a25%2Fd033c97c-f01c-4ca7-8d8f-c37ca88d4050%2Fzevqkjs_processed.png&w=3840&q=75)
Transcribed Image Text:Tyler Sporting Equipment uses the periodic inventory system and had the following inventory m
during 2022 as shown below.
Beginning Inventory, January 1, 2021
Purchases:
January 18
March 3
June 30
October 18
Ending Inventory, December 31, 2021
Show your work here:
Unite Unit Cost
37
$10
Answer
Ending inventory
21
26
31
37
16
11
11
What is the cost of the ending inventory and the cost of goods sold? Assume the company utilizes the LIFO method.
Show all of your work in the worksheet space provided. Round your answers to 2 decimal places.
9
10
Cost of goods sold
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