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from the first image answer the questions. This needs to be turned in tommorrow so I would really appreciate if its done by today. thanks
Before you begin, print out all the pages in this workbook. Northgate Products Corp. sells gadgets and uses the perpetual inv
OF 1.a. FIFO Goods Purchased Cost of Goods Sold Balance in Inventory Date Total S Total S Unit Cost Total S Units Unit Cost U
1.b. LIFO Balance in Inventory Goods Purchased Cost of Goods Sold Date Total S Units Unit Cost Total $ Units Unit Cost Total
1.c. Specific identification Balance in Inventory Goods Purchased Cost of Goods Sold Unit Cost Unit Cost Total S Date Unit Co
1.d. Weighted average Balance in Inventory Goods Purchased Cost of Goods Sold Unit Cost Total $ Date Unit Cost Unit Cost Tota
3. COGS plus ending inventory Spec FIFO LIFO Ident. Wtd. Avg. COGS Ending Inv. Total
Northgate Products Corp GENERAL JOURNAL Dec Credit Debit Description 2019 Num Lock
Before you begin, print out all the pages in this workbook. Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of January 2019, the number of gadgets purchased and sold was as follows: Balance in inventory Purchased Sold Total $ $2 Date Unit cost Units Total $ Unit cost Total $ Units Units Unit cost 200 Jan. 1 $3 $5 400 400 700 10 $7 300 15 20 300 $7 400 27 Units were sold for the following amount: $11 $12 June 10 June 27 for specific identification, units sold on June 10 came from: Opening inventory Jan. 3 purchase Jan. 8 purchase 0 380 320 700 for specific identification, units sold on June 20 came from: Opening inventory Jan. 3 purchase Jan. 8 purchase 0 C 60 240 Jan. 15 purchase 300 Required: 1 Complete the applicable inventory record card, and calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: a. FIFO b. LIFO c. Specific identification d. Weighted average. 2 Prepare the journal entries required to record purchases and sales using the FIFO inventory cost flow assumption. Descriptions are not necessary. Refer to the "Compare" page. Calculate the sum of cost of goods sold and ending inventory balances under each of the four inventory cost flow assumptions. Explain the results
OF 1.a. FIFO Goods Purchased Cost of Goods Sold Balance in Inventory Date Total S Total S Unit Cost Total S Units Unit Cost Units Unit Cost Units 200 $2 Jan. 1 3 400 $3 8 400 $5 10 15 300 $7 20 f2,800 27 400 $7 Total COGS
1.b. LIFO Balance in Inventory Goods Purchased Cost of Goods Sold Date Total S Units Unit Cost Total $ Units Unit Cost Total $ Units Unit Cost 200 $2 Jan. 1 h,200 3 400 $3 8 400 $5 10 15 300 $7 20 27 400 $7 Total COGS
1.c. Specific identification Balance in Inventory Goods Purchased Cost of Goods Sold Unit Cost Unit Cost Total S Date Unit Cost Total $ Units Units Total S Units 200 $2 Jan. 1 3 400 $3 200 400 $5 10 15 300 $7 20 27 400 $7 Total COGS
1.d. Weighted average Balance in Inventory Goods Purchased Cost of Goods Sold Unit Cost Total $ Date Unit Cost Unit Cost Total $ Units Units Total $ Units $2.00 200 Jan. 1 $3.00 $5.00 400 400 10 15 300 $7.00 20 27 400 $7.00
3. COGS plus ending inventory Spec FIFO LIFO Ident. Wtd. Avg. COGS Ending Inv. Total
Northgate Products Corp GENERAL JOURNAL Dec Credit Debit Description 2019 Num Lock
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Answer #1

1(a) STOCK REGISTER-2019 (perpetual Inventory system FIFO method) purchased Sold BALANCE Unit Cost Total $ Unit Cost Total S그(b) STOCK REGISTER-2019 (perpetual Inventory system LIFO method) purchased Sold BALANCE Units Unit Cost Total S Unit Cost To1(c) STOCK REGISTER-2019 Specific identification method) purchased Sold BALANCE Unit Cost Total S Units Unit Cost Total $ Tot1(d) STOCK REGISTER-2019 (perpetual Inventory system - Weighted average method) purchased Sold BALANCE Units Unit Cost TotalJournal Entries Particulars Date Debit Credit Inventory 1,200 Accounts Payable 1,200 3-Jan Inventory 2,000 Accounts Payable 8

When comparing the cost of goods sold and the value ending inventory in different method shows different value,

The highest cost of goods sold $5000 in LIFO method and the lowest cost of goods $ 3600 under LIFO method, at the same time these two method shows ending inventory value $ 3500, $ 4900 respectively

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