Problem 11-11 (IAA)Creature Company which used the periodic inventorysystem provided the following transactions for June:PurchasesSalesJune 1483,000 at 3003044,000 at 320325June 32,500 at6,500 at3,000 at6,000 at4,500 at5005005505506007,500 at9112313 e 6,000 at3,500 at2,500 at 313213302730Required:Compute the cost of ending inventory under FIFO andaverage method.327

Name: Problem 11-11 (IAA)Creature Company which used the periodic inventory
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Description: Problem 11-11 (IAA)Creature Company which used the periodic inventorysystem provided the following transactions for June:PurchasesSalesJune 1483,000 at 3003044,000 at 320325June 32,500 at6,500 at3,000 at6,000 at4,500 at5005005505506007,500 at9112313

The inventory under periodic system are valued using randomly basis.

Business

Accounting

Creature Company which used the periodic inventory evstem provided the following transactions for June: Purchases Sales 3,000 at 300 7,500 at 304 4,000 at 320 13 6,000 at 325 3,500 at 2,500 at 313 June 1 4 8 June 3 2,500 at 6,500 at 3,000 at 6,000 at 4,500 at 500 9 11 500 550 550 600 23 27 21 330 30 Required: Compute the cost of ending inventory under FIFO and average method. 327

Creature Company which used the periodic inventory evstem provided the following transactions for June: Purchases Sales 3,000 at 300 7,500 at 304 4,000 at 320 13 6,000 at 325 3,500 at 2,500 at 313 June 1 4 8 June 3 2,500 at 6,500 at 3,000 at 6,000 at 4,500 at 500 9 11 500 550 550 600 23 27 21 330 30 Required: Compute the cost of ending inventory under FIFO and average method. 327

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 17MCQ: ( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory...

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