Vaughn Company had 100 units in beginning inventory at a total cost of $12,000. The company purchased 200 units at a total cost of $30,000. At the end of the year, Vaughn had 80 units in ending inventory. Vaughn Company uses a periodic inventory system. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.) FIFO LIFO Average-cost The cost of the ending inventory $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places The cost of goods sold $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places Which cost flow method would result in the highest gross profit? select a method FIFO methodLIFO methodAverage-cost method Which cost flow method would result in inventories approximating current cost in the balance sheet? select a method LIFO methodAverage-cost methodFIFO method

Name: Vaughn Company had 100 units in beginning inventory at a total cost of
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Description: Vaughn Company had 100 units in beginning inventory at a total cost of $12,000. The company purchased 200 units at a total cost of $30,000. At the end of the year, Vaughn had 80 units in ending inventory. Vaughn Company uses a periodic inventory syst

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 3CE: Use the following information to compute cost of goods sold under the FIFO and LIFO inventory...

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Vaughn Company had 100 units in beginning inventory at a total cost of $12,000. The company purchased 200 units at a total cost of $30,000. At the end of the year, Vaughn had 80 units in ending inventory. Vaughn Company uses a periodic inventory system.

Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.)

	FIFO	LIFO	Average-cost
The cost of the ending inventory	$enter a dollar amount rounded to 0 decimal places	$enter a dollar amount rounded to 0 decimal places	$enter a dollar amount rounded to 0 decimal places
The cost of goods sold	$enter a dollar amount rounded to 0 decimal places	$enter a dollar amount rounded to 0 decimal places	$enter a dollar amount rounded to 0 decimal places

Which cost flow method would result in the highest gross profit?

select a method FIFO methodLIFO methodAverage-cost method

Which cost flow method would result in inventories approximating current cost in the balance sheet?

select a method LIFO methodAverage-cost methodFIFO method

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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