Date Description Quantity 1/06/2022 Purchased 6 Items @ $5 per item 2/16/2022 Purchased 5 items @ $6 per item 7/06/2022 Sold 6 items 7/08/2022 Purchased 4 items @ $7 per item 8/15/2022 Sold 5 items 9/01/2022 Sold 3 items 9/20/2022 Purchased 7 items @ $8 per item 10/10/2022 Sold 4 items 12/01/2022 Purchased 3 items @ $9 per item a. Calculate both the ending inventory and the COGS using the FIFO method. b. Prepare the income statement assuming the company had sales of $500 Income Stmt

Date Description Quantity 1/06/2022 Purchased 6 Items @ $5 per item 2/16/2022 Purchased 5 items @ $6 per item 7/06/2022 Sold 6 items 7/08/2022 Purchased 4 items @ $7 per item 8/15/2022 Sold 5 items 9/01/2022 Sold 3 items 9/20/2022 Purchased 7 items @ $8 per item 10/10/2022 Sold 4 items 12/01/2022 Purchased 3 items @ $9 per item a. Calculate both the ending inventory and the COGS using the FIFO method. b. Prepare the income statement assuming the company had sales of $500 Income Stmt

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

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 19E: (Appendix 8.1) Inventory Write-Down The inventories of Berry Company for the years 2019 and 2020 are...

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bartleby, a Learneo, Inc. business

a.	Calculate both the ending inventory and the COGS using the FIFO method.

b.	Prepare the income statement assuming the company had sales of $500

	Income Stmt
	$ -

	-

	-	Net Income

7)
	Date	Description	Quantity
	1/06/2022	Purchased	6 Items @ $5 per item
	2/16/2022	Purchased	5 items @ $6 per item
	7/06/2022	Sold	6 items
	7/08/2022	Purchased	4 items @ $7 per item
	8/15/2022	Sold	5 items
	9/01/2022	Sold	3 items
	9/20/2022	Purchased	7 items @ $8 per item
	10/10/2022	Sold	4 items
	12/01/2022	Purchased	3 items @ $9 per item

a.	Calculate both the ending inventory and the COGS using the LIFO method.

b.	Prepare the Income Statement, Rtatement of Retained Earnings and Balance Sheet assuming the company had cash sales of $100,000