financing
E7-5 Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2
Penn 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 | |||||
| Inventory, December 31, prior year | 3,300 | $ | 11.50 | |||
| For the current year: | ||||||
| Purchase, March 21 | 6,300 | 12.50 | ||||
| Purchase, August 1 | 4,300 | 4.00 | ||||
| Inventory, December 31, current year | 7,900 | |||||
Required:
Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. (Do not round "Average cost per unit" and round your final answers to nearest whole dollar amount.)
Homework Answers
Request Answer!
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 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 $5 1,830 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,130 4,130 2,810 2 Required: Compute ending...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 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 Units Cost Inventory, December 31, prior 1,980 $8 year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current 6,090 4,150 7 2,840 year Required: Compute ending...
E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost...
E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 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 $5 1,930 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 7 5,080 2,830 4,040 Required: Compute ending...
Penn Company uses a periodic inventory system. At the end of the annual accounting period, December...
Penn 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 Inventory, December 31, prior Unit Cost $12.50 3,500 year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,500 4,500 13.50 4.00 8,500 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost...
help please with E7-5 question E7-5 368 CHAPTER 7 Reporting and interpreting Cost of Goods Sold...
help please with E7-5
question E7-5
368 CHAPTER 7 Reporting and interpreting Cost of Goods Sold and Inventory Purchases Total Available S ? Ending Inventory $500 Cost of Gross Goods Sold Profit Expenses $ ? $ ? $200 Sales Beginning Revenue Inventory $ 650 $100 1.100 200 150 800 $700 900 2 200 400 104 300 300 550 900 1.000 1.100 500 E7-4 LO7-1 Inferring Merchandise Purchases Abercrombie and Fitch is a leading retailer of casual apparel for men, women,...
E7-6 E7-6 Calculating Ending Inventory and Cost of Goods Sold under FIFO, LIFO, and Average Cost...
E7-6 E7-6 Calculating Ending Inventory and Cost of Goods Sold under FIFO, LIFO, and Average Cost CL07-2 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 Inventory, December 31, prior year 2.000 $5 For the current year: Purchase, March 21 6,000 Purchase, August 1 4,000 Inventory, December 31, current year 3.000 4 2 Required: Compute...
Penn Company uses a periodic Inventory system. At the end of the annual accounting period, December...
Penn 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 Units 3200 Unit Cost $ 11 00 Inventory December 31. prior year For the current year Purchase March 21 Purchase August 1 Inventory, December 31, current 5 200 4,200 7,600 12.00 4.00 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory...
Check my work E7-6 Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and...
Check my work E7-6 Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost L07-2 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: 0.62 points Units Unit Cost $5 1,850 eBook Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 4. Print...
Penn Company uses a periodic inventory system. At the end of the annual accounting period, December...
Penn 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 2,600 Unit Cost $8.00 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,600 3,600 5,800 9.00 4.00 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost...
Penn Company uses a periodic inventory system. At the end of the annual accounting period, December...
Penn 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 3,200 Unit Cost $ 11.00 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,200 4,200 7,600 12.00 4.00 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 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 $5 1,830 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,130 4,130 2,810 2 Required: Compute ending...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 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 Units Cost Inventory, December 31, prior 1,980 $8 year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current 6,090 4,150 7 2,840 year Required: Compute ending...
E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 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 $5 1,930 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 7 5,080 2,830 4,040 Required: Compute ending...
Penn 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 Inventory, December 31, prior Unit Cost $12.50 3,500 year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,500 4,500 13.50 4.00 8,500 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost...
help please with E7-5
question E7-5
368 CHAPTER 7 Reporting and interpreting Cost of Goods Sold and Inventory Purchases Total Available S ? Ending Inventory $500 Cost of Gross Goods Sold Profit Expenses $ ? $ ? $200 Sales Beginning Revenue Inventory $ 650 $100 1.100 200 150 800 $700 900 2 200 400 104 300 300 550 900 1.000 1.100 500 E7-4 LO7-1 Inferring Merchandise Purchases Abercrombie and Fitch is a leading retailer of casual apparel for men, women,...
E7-6 E7-6 Calculating Ending Inventory and Cost of Goods Sold under FIFO, LIFO, and Average Cost CL07-2 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 Inventory, December 31, prior year 2.000 $5 For the current year: Purchase, March 21 6,000 Purchase, August 1 4,000 Inventory, December 31, current year 3.000 4 2 Required: Compute...
Penn 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 Units 3200 Unit Cost $ 11 00 Inventory December 31. prior year For the current year Purchase March 21 Purchase August 1 Inventory, December 31, current 5 200 4,200 7,600 12.00 4.00 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory...
Check my work E7-6 Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost L07-2 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: 0.62 points Units Unit Cost $5 1,850 eBook Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 4. Print...
Penn 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 2,600 Unit Cost $8.00 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,600 3,600 5,800 9.00 4.00 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost...
Penn 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 3,200 Unit Cost $ 11.00 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,200 4,200 7,600 12.00 4.00 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average...
Most questions answered within 3 hours.
-
Why do men earn more money than women in America?
asked 1 minute from now -
Sales of tablet computers at Ted Glickman's electronics store
in Washington, D.C., over the past 10...
asked 8 minutes ago -
Short essay question:
First, discuss the anatomical differences between Paleocene
pro-primates and Eocene eu-primates and explain...
asked 8 minutes ago -
Suppose we have a binomial experiment in which success is
defined to be a particular quality...
asked 29 minutes ago -
march the type of cellular control with the description: enzyme
induction and the enzyme repression. How...
asked 39 minutes ago -
Brief Exercise 5-09 (Part Level Submission)
The following information relates to Blue Spruce Corp. for the...
asked 39 minutes ago -
An unknown amount of a compound with a molecular mass of 284.04
g/mol is dissolved in...
asked 44 minutes ago -
You are at rest at a stop sign. There is another stop sign that
is 100...
asked 45 minutes ago -
Calculate the equilibrium electrode potential for Fe3+/Fe2+
redox system, if the initial concentration of Fe2+ is...
asked 49 minutes ago -
Describe in detail with graph and diagram how bonding force,
bonding curves and bonding energy at...
asked 1 hour ago -
Gingerbread cookies become inedible if not eaten quickly enough.
Clarence is trying to determine how many...
asked 1 hour ago -
A
crane lifts a 200 kg block a height of 10 m in 18 seconds. What...
asked 1 hour ago