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Use the following information to answer the next 5 questions. Huston has a beginning balance in inventory of 400 units at @ $4.20 per unit. A record of transactions for the month of May was as follows: Purchases Sales May # 4 Cost 1,300 @$4.10 May # Sales Price 3 200 @ $7.00 8 800 @$4.30 6 1,000 @$7.00 14 700 @$4.40 12 900 @$7.50 22 1,200 @ $4.50 18 400 @$7.50 29 500 @$4.55 25 1,400 @ $8.00 Determine Huston's Goods AVAILABLE for sale in dollars. QUESTION 8 Determine Huston's ending inventory in dollars using Periodic Average. Round to the nearest dollar. QUESTION 9 Determine Huston's ending inventory in dollars using Periodic LIFO. QUESTION 10 Determine Huston's ending inventory in dollars using Perpetual FIFO. QUESTION 11 Determine Huston's ending inventory in dollars using Perpetual LIFO.

Use the following information to answer the next 5 questions. Huston has a beginning balance in inventory of 400 units at @ $4.20 per unit. A record of transactions for the month of May was as follows: Purchases Sales May # 4 Cost 1,300 @$4.10 May # Sales Price 3 200 @ $7.00 8 800 @$4.30 6 1,000 @$7.00 14 700 @$4.40 12 900 @$7.50 22 1,200 @ $4.50 18 400 @$7.50 29 500 @$4.55 25 1,400 @ $8.00 Determine Huston's Goods AVAILABLE for sale in dollars. QUESTION 8 Determine Huston's ending inventory in dollars using Periodic Average. Round to the nearest dollar. QUESTION 9 Determine Huston's ending inventory in dollars using Periodic LIFO. QUESTION 10 Determine Huston's ending inventory in dollars using Perpetual FIFO. QUESTION 11 Determine Huston's ending inventory in dollars using Perpetual LIFO.

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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QUESTION/ Use the following information to answer the next 5 questions. Huston has a beginning balance in inventory of 400 units at @ $4.20 per unit. A record of transactions for the month of May was as follows: Purchases Sales May # Cost May # Sales Price 4 1,300 @ $4.10 3 200 @ $7.00 8 800 @ $4.30 6 1,000 @ $7.00 14 700 @ $4.40 12 900 @ $7.50 22 1,200 @ $4.50 18 400 @ $7.50 29 500 @$4.55 25 1,400 @$8.00 Determine Huston's Goods AVAILABLE for sale in dollars. QUESTION 8 Determine Huston's ending inventory in dollars using Periodic Average. Round to the nearest dollar. QUESTION 9 Determine Huston's ending inventory in dollars using Periodic LIFO. QUESTION 10 Determine Huston's ending inventory in dollars using Perpetual FIFO. QUESTION 11 Determine Huston's ending inventory in dollars using Perpetual LIFO.
Transcribed Image Text:QUESTION/ Use the following information to answer the next 5 questions. Huston has a beginning balance in inventory of 400 units at @ $4.20 per unit. A record of transactions for the month of May was as follows: Purchases Sales May # Cost May # Sales Price 4 1,300 @ $4.10 3 200 @ $7.00 8 800 @ $4.30 6 1,000 @ $7.00 14 700 @ $4.40 12 900 @ $7.50 22 1,200 @ $4.50 18 400 @ $7.50 29 500 @$4.55 25 1,400 @$8.00 Determine Huston's Goods AVAILABLE for sale in dollars. QUESTION 8 Determine Huston's ending inventory in dollars using Periodic Average. Round to the nearest dollar. QUESTION 9 Determine Huston's ending inventory in dollars using Periodic LIFO. QUESTION 10 Determine Huston's ending inventory in dollars using Perpetual FIFO. QUESTION 11 Determine Huston's ending inventory in dollars using Perpetual LIFO.
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