Sherman Electric uses a pericdic inventory system. The beginning nventory of a particular product, andthe purchases during the curent year, were as follows:$105 =$ 6.300Beginning inventoryPurchase..nPurchase60 units @30 units @90 units @20 units @200 unitsJan.3115-3125S135 =3,45011,2502.700$23.700Mar.Aug. 11Oet.23PurchaseTotal available for saleAt December 31. the ending inventory of this product consisted of 65 units.Using periodic costing procedures, determine (1) cost of the year-end inventory and. (2) cost of goods soldrelating to this product under each of the following flow assumptions:(1) Inventory at Dec. 31(2) Cast of Goods SoldAverage costFirst-in. first-outLast-in, first-out

Name: Sherman Electric uses a pericdic inventory system. The beginning nven
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Description: Sherman Electric uses a pericdic inventory system. The beginning nventory of a particular product, andthe purchases during the curent year, were as follows:$105 =$ 6.300Beginning inventoryPurchase..nPurchase60 units @30 units @90 units @20 units @20

Average Cost per unit = Total cost of the units Available for sale/Total units available for Sale…

Business

Accounting

Using periodic costing procedures, determine (l) cost of the year-end inventory and. (2) cost of goods sold relating to this product under each of the following flow assumptions: (1) Inventory at Dec. 31 (2) Cast of Goods Sold Average cost First-in, first-out Last-in, first-out 2.

Using periodic costing procedures, determine (l) cost of the year-end inventory and. (2) cost of goods sold relating to this product under each of the following flow assumptions: (1) Inventory at Dec. 31 (2) Cast of Goods Sold Average cost First-in, first-out Last-in, first-out 2.

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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