Board Work 1 - Specific Identification Provided below are the movements in the inventory account of Mischief Company for January 20X1: Beginning inventory January 1 Purchases: January 10 18 28 Cost of goods available for sale Ending inventory (unsold) Cost of goods sold (sold) Units 15,000 25,000 20,000 50,000 110,000 (59,000) 51,000 Unit cost 20 22 24 26 Units x Unit cost 300,000 550,000 480,000 1,300,000 2,630,000 (1,494,000) 1,136,000 The company uses the periodic inventory system. A physical count on January 31, 20X1, shows 59,000 units of product A on hand. Determine the cost of inventory on January 31, 20X1, and the cost of goods sold under the following independent scenarios: Scenario 1: Specific identification (assuming the ending inventory is January 18 and 28, 20,000 and 39,000 units, respectively)

Board Work 1 - Specific Identification Provided below are the movements in the inventory account of Mischief Company for January 20X1: Beginning inventory January 1 Purchases: January 10 18 28 Cost of goods available for sale Ending inventory (unsold) Cost of goods sold (sold) Units 15,000 25,000 20,000 50,000 110,000 (59,000) 51,000 Unit cost 20 22 24 26 Units x Unit cost 300,000 550,000 480,000 1,300,000 2,630,000 (1,494,000) 1,136,000 The company uses the periodic inventory system. A physical count on January 31, 20X1, shows 59,000 units of product A on hand. Determine the cost of inventory on January 31, 20X1, and the cost of goods sold under the following independent scenarios: Scenario 1: Specific identification (assuming the ending inventory is January 18 and 28, 20,000 and 39,000 units, respectively)

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...

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