Exercise 8.7 (Algo) Costing Inventory in a Periodic System (LO 8-4)Rogers Products uses a periodic inventory system. The company's records show the beginning inventory of PH4 oil filterson January 1 and the purchases of this item during the current year to be as follows.Jan. 1Feb. 23Apr. 201May 4Nov. 30Beginning inventoryPurchasePurchasePurchasePurchaseTotalsa. Average costb. FIFOC. LIFOA physical count indicates 24 units in inventory at year-end.Determine the cost of the ending inventory on the basis of each of the following methods of inventory valuation. (Rememberto use periodic inventory costing procedures.) (Round your intermediate and final answers to 2 decimal places.)13 units@ $3.00 $ 39.0016 units@ $3.5056.0028 units@ $3.80106.40140.0035 units@ $4.0019 units@ $5.00111 units95.00$436.40EndingInventory

Name: Exercise 8.7 (Algo) Costing Inventory in a Periodic System (LO 8-4)Ro
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Description: Exercise 8.7 (Algo) Costing Inventory in a Periodic System (LO 8-4)Rogers Products uses a periodic inventory system. The company's records show the beginning inventory of PH4 oil filterson January 1 and the purchases of this item during the current

Answer :Average costing : Date Purchase Cost of good sold Inventory unit unit…

Answered: uses a periodic inventory system. The…

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uses a periodic inventory system. The the purchases of this item during the c Beginning inventory Purchase. Purchase Purchase 13 uni 16 unit 28 uni 35 unit

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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Required information The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Harch 9. March 18 March 25 March 29 Total Perpetual FIFO Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Date March 1 March 5 March 18 March 25 Complete this question by entering your answers in the tabs below. Perpetual LIFO 3. Compute the cost assigned to ending inventory using (a) FIFO. (b) LIFO. (c) weighted average, and (d) specific identification. For specific identification, units sold include 80 units from beginning inventory. 340 units from the March 5 purchase. 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Weighted Average Goods Available for Sale # of units 400 120 200 720 Specific Id Compute the cost assigned to ending inventory using specific identification. For specific…