(b2)Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, andaverage-cost). (Round answers to 0 decimal places, eg. 1.250.)FIFOLIFOAVERAGE-COSTThe ending inventory$$$The cost of goods sold $5$Save for LaterAttempts: 0 of 3 used(c)The parts of this question must be completed in order. This part will be available when you complete the part above.PRASubmit Answer ME ESShow Attempt HistoryCurrent Attempt in ProgressSekhon Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of $20 per unit. During the year,purchases were as follows.Mar. 15400 units$23Sept. 4330 units 30July 20 250 unitsatDec. 2100 units at $29Sekhon Company uses a periodic inventory system. Sales totaled 1,000 units.Your answer is correct.$26

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Description: (b2)Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, andaverage-cost). (Round answers to 0 decimal places, eg. 1.250.)FIFOLIFOAVERAGE-COSTThe ending inventory$$$The cost of goods sold

FIFO method assumes first unit sold first. LIFO assumes that last units is sold first Average cost…

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Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 1,250.) FIFO LIFO AVERAGE-COST The ending inventory $ $ The cost of goods sold Save for Later $ 14 57 $ Attempts: 0 of 3 used Submit Answer

Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 1,250.) FIFO LIFO AVERAGE-COST The ending inventory $ $ The cost of goods sold Save for Later $ 14 57 $ Attempts: 0 of 3 used Submit Answer

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 32CE: ( Appendix 6B) Inventory Costing Methods: Periodic Average Cost Refer to the information for...

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Use the last-in, first-out method (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Using the following data, how should the inventory be valued under lower of cost or market? Original cost 1,350 Estimated selling price 1,475 Selling expenses 180
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