Wildhorse Company is a multiproduct firm that uses the perpetual inventory system. The following information concerns one of its products, the Hawkeye. Date Transaction Quantity Price Cost Jan. 1 Beginning inventory 1,000 $12 Feb. 4 Purchase 2,000 18 Feb. 20 Sale 2,300 $30 Apr. 2 Purchase 3,200 23 May 4 Sale 2,000 33 (a) Your answer has been saved. See score details after the due date. Compute cost of goods sold and ending inventory under the FIFO method. (Round answers to 0 decimal places, e.g. 1,245.) FIFO Cost of goods sold 77,900 Ending inventory 43,700 (b) Compute cost of goods sold and ending inventory under the LIFO method. (Round answers to 0 decimal places, e.g. 1,245.) LIFO Cost of goods sold $enter a dollar amount Ending inventory $enter a dollar amount
Wildhorse Company is a multiproduct firm that uses the perpetual inventory system. The following information concerns one of its products, the Hawkeye. Date Transaction Quantity Price Cost Jan. 1 Beginning inventory 1,000 $12 Feb. 4 Purchase 2,000 18 Feb. 20 Sale 2,300 $30 Apr. 2 Purchase 3,200 23 May 4 Sale 2,000 33 (a) Your answer has been saved. See score details after the due date. Compute cost of goods sold and ending inventory under the FIFO method. (Round answers to 0 decimal places, e.g. 1,245.) FIFO Cost of goods sold 77,900 Ending inventory 43,700 (b) Compute cost of goods sold and ending inventory under the LIFO method. (Round answers to 0 decimal places, e.g. 1,245.) LIFO Cost of goods sold $enter a dollar amount Ending inventory $enter a dollar amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Wildhorse Company is a multiproduct firm that uses the perpetual inventory system. The following information concerns one of its products, the Hawkeye.
|
Date
|
Transaction
|
Quantity
|
Price
|
Cost
|
|||||
|---|---|---|---|---|---|---|---|---|---|
| Jan. | 1 | Beginning inventory | 1,000 | $12 | |||||
| Feb. | 4 | Purchase | 2,000 | 18 | |||||
| Feb. | 20 | Sale | 2,300 | $30 | |||||
| Apr. | 2 | Purchase | 3,200 | 23 | |||||
| May | 4 | Sale | 2,000 | 33 |
(a)
Your answer has been saved. See score details after the due date.
Compute cost of goods sold and ending inventory under the FIFO method. (Round answers to 0 decimal places, e.g. 1,245.)
|
FIFO
|
||
|---|---|---|
| Cost of goods sold | 77,900 | |
| Ending inventory | 43,700 |
(b)
Compute cost of goods sold and ending inventory under the LIFO method. (Round answers to 0 decimal places, e.g. 1,245.)
|
LIFO
|
||
|---|---|---|
| Cost of goods sold | $enter a dollar amount | |
| Ending inventory | $enter a dollar amount |
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