Emily Company uses a periodic inventory system. At the end of the
annual accounting period, December 31 of the current year, the
accounting records provided the following information for product
2:
Case A | Case B | |||
FIFO | LIFO | |||
Sales revenue | 605360 | 605360 | ||
Cost of goods sold | ||||
Beginning inventory | 36790 | 36790 | ||
Purchases | 272770 | 272770 | ||
Goods available for sale | 309560 | 309560 | ||
Ending inventory | 161050 | 118970 | ||
Cost of goods sold | 148510 | 190590 | ||
Gross Profit | 456850 | 414770 | ||
Operating expenses | 185500 | 185500 | ||
Pretax income | 271350 | 229270 |
Workings: | ||
Sales revenue | 605360 | =10810*56 |
Beginning inventory | 36790 | =2830*13 |
Purchases | 272770 | =(8830*14)+(7850*19) |
Ending inventory units | 8700 | =2830+8830+7850-10810 |
Ending inventory: | ||
FIFO | 161050 | =(7850*19)+(8700-7850)*14 |
LIFO | 118970 | =(2830*13)+(8700-2830)*14 |
Emily Company uses a periodic inventory system. At the end of the annual accounting period, December...
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost 2,000 $5 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,000 4,000 3,000 Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. FIFO L IFO...
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $6 1,990 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,000 4,070 2,950 Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. (Round "Average cost...
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Nittany Company uses a periodic Inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following Information for product 1: Units Unit Cost 2, eee $5 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,000 3. eee 4.999 Required: Compute ending Inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost...
Broadhead Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units Unit Cost Inventory, December 31, prior year 2,990 $ 14 For the current year: Purchase, April 11 8,980 12 Purchase, June 1 7,990 17 Sales ($57 each) 10,820 Operating expenses (excluding income tax expense) $ 193,500 . Prepare a separate income statement through pretax income that details cost...
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Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Unit Cost Units 1,820 $5 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,200 4,050 2,940 NA Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. (Round "Average...
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