Gladstone company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the time of each sale, as if it uses a perpetual inventory system. Assume its accounting records provided the following information at the end of the manual accounting period, December 31.
Biginning inventory January 1 1,900 $50
purchase January 30 2,600 $62
sale, march 14 ($100 each) (1,470)
purchase May 1 1,220 $80
sale august 31 ($100 each) (2,000)
calculate the cost of goods and ending inventory for glabstone company assuming it applies the LIFO cost method perpetually at the time of each sale
cost of goods sold
ending inventory
Gladstone company tracks the number of units purchased and sold throughout each accounting period but applies...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the time of each sale, as if it uses a perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 1,800 $ 50 Transactions during the year: a. Purchase, January 30 2,500 62 b. Sale, March 14 ($100 each) (1,450...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the time of each sale, as if it uses a perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 1,300 $ 50 Transactions during the year: a. Purchase, January 30 2,000 62 b. Sale, March 14 ($100 each) (1,350...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the time of each sale, as if it uses a perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Unit Cost Units 1,850 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($109 each) c. Purchase, May 1 d....
4 Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the time of each sale, as if it uses a perpetual Inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31 points Unit Cost $50 Skipped Transactions Beginning inventory. January 1 Transactions during the year! a. Purchase, January 30 b. Sale, March 14 ($100 each) c. Purchase, May...
Gladstone Company tracks the number of units purchased and sold
throughout each accounting period but applies its inventory costing
method at the end of each period, 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.
Transactions
Units
Unit Cost
Beginning inventory, January 1
1,500
$
60
Transactions during the year:
a.
Purchase, January 30
2,600
72
b.
Sale, March 14 ($100 each)
(1,150...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies Its Inventory costing method at the time of each sale, as if It uses a perpetual Inventory system. Assume its accounting records provided the following Information at the end of the annual accounting period, December 31. Units 2,950 Unit Cost $ 50 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($199 each) c. Purchase, May...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, 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. Units Unit Cost 1,800 $ 50 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 6. Sale, March 14 ($100 each) c. Purchase, May...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, 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 $ 55 Transactions Units Beginning inventory, January 1.400 Transactions during the year: a. Purchase, January 30 2,450 b. Sale, March 14 ($100 each) (1,050) C. Purchase,...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, 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. Units 1,500 Unit Cost $ 40 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($100 each) c. Purchase. May...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, 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. Units 1,300 Unit Cost $40 Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($100 each) c. Purchase, May 1...