Bonita Company had 100 units in beginning inventory at a total cost of $12,00O. The company purchased 200 units at a total cost of $30.000. At the end of the year, Bonita had 88 units in ending inventory. (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to O decimal places, eg. 1,250.) FIFO LIFO Average-cost The cost of the ending inventory 24 The cost of goods sold IS

Bonita Company had 100 units in beginning inventory at a total cost of $12,00O. The company purchased 200 units at a total cost of $30.000. At the end of the year, Bonita had 88 units in ending inventory. (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to O decimal places, eg. 1,250.) FIFO LIFO Average-cost The cost of the ending inventory 24 The cost of goods sold IS

Name: Bonita Company had 100 units in beginning inventory at a total cost o
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Description: Bonita Company had 100 units in beginning inventory at a total cost of $12,000. The company purchased 200 units at a total cost of$30.000. At the end of the year, Bonita had 88 units in ending inventory.(a)Compute the cost of the ending inventory an

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 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

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Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing. Dorsos December 31 ending inventory records are as follows: Year 1: Current cost, 20,000; Index, 100 Year 2: Current cost, 33,600; Index, 120 Using the dollar-value LIFO method, compute Dorsos December 31 ending inventory for Year 2.
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