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You have the following information for Swifty Inc. Swifty Inc. uses the periodic method of accounting for its inventory transactions. 1 Beginning inventory 2,200 liters at a cost of 70¢ per liter. 3 Purchased 2,500 liters at a cost of 74€ per liter. Sold 2,300 liters for $1.05 per liter. Purchased 4,000 liters at a cost of 81¢ per liter. Purchased 2,300 liters at a cost of 89¢ per liter. Sold 5,200 liters for $1.25 per liter. March March March 5 March 10 March 20 March 30

You have the following information for Swifty Inc. Swifty Inc. uses the periodic method of accounting for its inventory transactions. 1 Beginning inventory 2,200 liters at a cost of 70¢ per liter. 3 Purchased 2,500 liters at a cost of 74€ per liter. Sold 2,300 liters for $1.05 per liter. Purchased 4,000 liters at a cost of 81¢ per liter. Purchased 2,300 liters at a cost of 89¢ per liter. Sold 5,200 liters for $1.25 per liter. March March March 5 March 10 March 20 March 30

FINANCIAL ACCOUNTING
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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You have the following information for Swifty Inc. Swifty Inc. uses the periodic method of accounting for its inventory transactions. 1 Beginning inventory 2.200 liters at a cost of 70¢ per liter. 3 Purchased 2,500 liters at a cost of 74¢ per liter. March March March 5 Sold 2,300 liters for $1.05 per liter. Purchased 4,000 liters at a cost of 81¢ per liter. Purchased 2,300 liters at a cost of 89¢ per liter. March 10 March 20 March 30 Sold 5,200 liters for $1.25 per liter.
Transcribed Image Text:You have the following information for Swifty Inc. Swifty Inc. uses the periodic method of accounting for its inventory transactions. 1 Beginning inventory 2.200 liters at a cost of 70¢ per liter. 3 Purchased 2,500 liters at a cost of 74¢ per liter. March March March 5 Sold 2,300 liters for $1.05 per liter. Purchased 4,000 liters at a cost of 81¢ per liter. Purchased 2,300 liters at a cost of 89¢ per liter. March 10 March 20 March 30 Sold 5,200 liters for $1.25 per liter.
Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, eg: 125.253 (1) Specific identification method assuming The March 5 sale consisted of 1.000 liters from the March 1 beginning inventory and 1.300 liters from the March 3 purchase and (1) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3, 2,900 liters from March 10, 1,300 liters from March 20 (2) FIFO (3) LIFO SWIFTYING. Income Statement (partial) Specific Identification FIFO LIFO
Transcribed Image Text:Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, eg: 125.253 (1) Specific identification method assuming The March 5 sale consisted of 1.000 liters from the March 1 beginning inventory and 1.300 liters from the March 3 purchase and (1) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3, 2,900 liters from March 10, 1,300 liters from March 20 (2) FIFO (3) LIFO SWIFTYING. Income Statement (partial) Specific Identification FIFO LIFO
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