Bashful Ltd. began business on January 1 and sells high performance motor scooters. The company purchased nine high speed cooters at the following dates and acquisition costs: Purchase Date Units Unit Cost Total Cost an 1 3. $4,150 $12,450 an 22 3 4,650 13,950 Mar 3 3 4,850 14,550 6. $40,950 Dn April 23, Bashful sold four of these scooters to Snow White Inc. for $7,500 each. No other sales have been made. Bashful uses a eriodic inventory system. equired: 1. Compute the ending inventory value at April 30, 2022 and the cost of goods sold through this date under each of the periodic costing procedures 1. Average cost 2. FIFO

Bashful Ltd. began business on January 1 and sells high performance motor scooters. The company purchased nine high speed cooters at the following dates and acquisition costs: Purchase Date Units Unit Cost Total Cost an 1 3. $4,150 $12,450 an 22 3 4,650 13,950 Mar 3 3 4,850 14,550 6. $40,950 Dn April 23, Bashful sold four of these scooters to Snow White Inc. for $7,500 each. No other sales have been made. Bashful uses a eriodic inventory system. equired: 1. Compute the ending inventory value at April 30, 2022 and the cost of goods sold through this date under each of the periodic costing procedures 1. Average cost 2. FIFO

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 5EA: Steele Corp. purchases equipment for $25,000. Regarding the purchase, Steele recorded the following...

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Steele Corp. purchases equipment for $25,000. Regarding the purchase, Steele recorded the following transactions: Paid shipping of $1,000 Paid installation fees of $2,000 Pays annual maintenance cost of $200 Received a 5% discount on $25,000 sales price Determine the acquisition cost of the equipment.
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