+ X HBlackboard Learn X Easy Access to Internet Services CCSU.blackboard.com/webapps/blackboard/content/contentWrapper.jsp?course_id= _43047_1&displayNa C Central Connecticut State University McGraw-Hill CONNECT SEC 09 Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Unit Cost $31 Units Transactions 1,500 a. Inventory, Beginning For the year b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $76 per unit) e. Sale, October 31 (sold for S79 per unit) f. Operating expenses (excluding income tax expense), $398,000 32 7,500 3,500 2,200 6,500 34 Required: 1. Calculate the number and cost of goods available for sale. Number of Goods Available for Sale units Cost of Goods Available for Sale 2. Calculate the number of units in ending inventory Ending Inventory units HBläckboard Learn X Easy Access to Internet Services cCsu.blackboard.com/webapps/blackboard/content/contentWrapperjsp?course_id=_43047 1&displayN C Central Connecticut State University McGraw-Hill CONNECT SEC 09 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost Cost of Goods Sold Cost of Ending Inventory FIFO LIFO Weighted Average Cost 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. SCORESBY INC. Income Statement For the Year Ended December 31 Weighted Average FIFO LIFO
+ X HBlackboard Learn X Easy Access to Internet Services CCSU.blackboard.com/webapps/blackboard/content/contentWrapper.jsp?course_id= _43047_1&displayNa C Central Connecticut State University McGraw-Hill CONNECT SEC 09 Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Unit Cost $31 Units Transactions 1,500 a. Inventory, Beginning For the year b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $76 per unit) e. Sale, October 31 (sold for S79 per unit) f. Operating expenses (excluding income tax expense), $398,000 32 7,500 3,500 2,200 6,500 34 Required: 1. Calculate the number and cost of goods available for sale. Number of Goods Available for Sale units Cost of Goods Available for Sale 2. Calculate the number of units in ending inventory Ending Inventory units HBläckboard Learn X Easy Access to Internet Services cCsu.blackboard.com/webapps/blackboard/content/contentWrapperjsp?course_id=_43047 1&displayN C Central Connecticut State University McGraw-Hill CONNECT SEC 09 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost Cost of Goods Sold Cost of Ending Inventory FIFO LIFO Weighted Average Cost 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. SCORESBY INC. Income Statement For the Year Ended December 31 Weighted Average FIFO LIFO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Problem 2 parts 1,2,3,4
Transcribed Image Text:+
X
HBlackboard Learn
X
Easy Access to Internet Services
CCSU.blackboard.com/webapps/blackboard/content/contentWrapper.jsp?course_id= _43047_1&displayNa
C
Central Connecticut State University
McGraw-Hill CONNECT SEC 09
Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory
costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting
records provided the following information at the end of the annual accounting period, December 31.
Unit Cost
$31
Units
Transactions
1,500
a. Inventory, Beginning
For the year
b. Purchase, March 5
c. Purchase, September 19
d. Sale, April 15 (sold for $76 per unit)
e. Sale, October 31 (sold for S79 per unit)
f. Operating expenses (excluding income tax expense), $398,000
32
7,500
3,500
2,200
6,500
34
Required:
1. Calculate the number and cost of goods available for sale.
Number of Goods Available for Sale
units
Cost of Goods Available for Sale
2. Calculate the number of units in ending inventory
Ending Inventory
units
Transcribed Image Text:HBläckboard Learn
X
Easy Access to Internet Services
cCsu.blackboard.com/webapps/blackboard/content/contentWrapperjsp?course_id=_43047 1&displayN
C
Central Connecticut State University
McGraw-Hill CONNECT SEC 09
3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted
average cost
Cost of Goods
Sold
Cost of Ending
Inventory
FIFO
LIFO
Weighted Average Cost
4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average
method.
SCORESBY INC.
Income Statement
For the Year Ended December 31
Weighted
Average
FIFO
LIFO
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