Bold Stapler Sales Company (BSS) began 2021 with cash of $80,000, inventory of $7,200 (400 staplers that cost $18 each), $2,000 of common stock, and $2,000 of retained earnings. The following events occurred in 2021. 1. BSS purchased additional inventory twice during 2021. The first purchase consisted of 1,600 staplers that cost $21 each, and the second consisted of 2,400 staplers that cost $25 each. The purchases were on account. 2. The company sold 4,220 staplers for cash at a selling price of $45 each. Required Determine the ending inventory and cost of goods sold using the three different cost flow assumptions: FIFO, LIFO, and Weighted Average. SHOW ALL WORK.
Bold Stapler Sales Company (BSS) began 2021 with cash of $80,000, inventory of $7,200 (400 staplers that cost $18 each), $2,000 of common stock, and $2,000 of retained earnings. The following events occurred in 2021. 1. BSS purchased additional inventory twice during 2021. The first purchase consisted of 1,600 staplers that cost $21 each, and the second consisted of 2,400 staplers that cost $25 each. The purchases were on account. 2. The company sold 4,220 staplers for cash at a selling price of $45 each. Required Determine the ending inventory and cost of goods sold using the three different cost flow assumptions: FIFO, LIFO, and Weighted Average. SHOW ALL WORK.
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
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...
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