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39 The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Number of Units 150 70 Unit Cost $ 28 34 (100) 90 140 Date 1/1 1/24 Transaction Beginning inventory Purchase Sale 2/22 3/7 4/10 6/11 Sale 9/28 12/4 Purchase Purchase. Purchase Sale Cost of goods sold Ending inventory FIFO Cost of goods sold Ending inventory (100) 50 (100) Required: a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO LIFO -> 38 37 i 38 LIFO Total Cost $ 4,200 2,380 b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. 3,420 5,180 1,900

39 The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Number of Units 150 70 Unit Cost $ 28 34 (100) 90 140 Date 1/1 1/24 Transaction Beginning inventory Purchase Sale 2/22 3/7 4/10 6/11 Sale 9/28 12/4 Purchase Purchase. Purchase Sale Cost of goods sold Ending inventory FIFO Cost of goods sold Ending inventory (100) 50 (100) Required: a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO LIFO -> 38 37 i 38 LIFO Total Cost $ 4,200 2,380 b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. 3,420 5,180 1,900

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 13RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...
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39 The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Number of Units 150 70 Unit Cost $ 28 34 (100) 90 140 Date 1/1 1/24 Transaction Beginning inventory Purchase Sale 2/22 3/7 4/10 6/11 Sale 9/28 12/4 Purchase Purchase. Purchase Sale Cost of goods sold Ending inventory FIFO Cost of goods sold Ending inventory (100) 50 (100) Required: a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO LIFO -> 38 37 i 38 LIFO Total Cost $ 4,200 2,380 b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. 3,420 5,180 1,900
Transcribed Image Text:39 The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Number of Units 150 70 Unit Cost $ 28 34 (100) 90 140 Date 1/1 1/24 Transaction Beginning inventory Purchase Sale 2/22 3/7 4/10 6/11 Sale 9/28 12/4 Purchase Purchase. Purchase Sale Cost of goods sold Ending inventory FIFO Cost of goods sold Ending inventory (100) 50 (100) Required: a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO LIFO -> 38 37 i 38 LIFO Total Cost $ 4,200 2,380 b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. 3,420 5,180 1,900
Cost of goods sold Ending inventory Required: a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. Cost of goods sold Ending inventory FIFO True O False LIFO b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO Seved LIFO Help c. LIFO results are different for parts a and b as timing of the application of LIFO rules is relevant. Save & Exi
Transcribed Image Text:Cost of goods sold Ending inventory Required: a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. Cost of goods sold Ending inventory FIFO True O False LIFO b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO Seved LIFO Help c. LIFO results are different for parts a and b as timing of the application of LIFO rules is relevant. Save & Exi
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