Exercise 6-15A (Algo) Periodic: Cost flow assumptions LO P3 Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 98 units-69 units from the January 6 purchase and 29 units from the January 25 purchase. k January 1 January 6 January 17 Beginning inventory Purchase Purchase January 25 Purchase Totals 230 units @ $4.90 408 units @ $4.70 635 units @ $4.20 41 units @$3.90 1,314 units = 1,127.00 = 1,917.60 = 2,667.00 159.90 $ 5,871.50 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the lowest net income? Complete this question by entering your answers in the tabs below. ces Req A to D Req E Determine the cost assigned to ending inventory and to cost of goods sold for the following. Note: Do not round intermediate calculations and round your answers to nearest whole dollar. Ending Inventory Cost of Goods Sold (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO Bea A to D Reg E

Exercise 6-15A (Algo) Periodic: Cost flow assumptions LO P3 Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 98 units-69 units from the January 6 purchase and 29 units from the January 25 purchase. k January 1 January 6 January 17 Beginning inventory Purchase Purchase January 25 Purchase Totals 230 units @ $4.90 408 units @ $4.70 635 units @ $4.20 41 units @$3.90 1,314 units = 1,127.00 = 1,917.60 = 2,667.00 159.90 $ 5,871.50 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the lowest net income? Complete this question by entering your answers in the tabs below. ces Req A to D Req E Determine the cost assigned to ending inventory and to cost of goods sold for the following. Note: Do not round intermediate calculations and round your answers to nearest whole dollar. Ending Inventory Cost of Goods Sold (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO Bea A to D Reg E

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Description: None Exercise 6-15A (Algo) Periodic: Cost flow assumptions LO P3Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and itsending inventory consists of 98 units-69 units from the

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 62E

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