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Exercise 6-16 Alternative cost flow assumptions-periodic LO8 Paddington Gifts made purchases of a particular product in the current year as follows: Jan. 1 Beginning inventory Mar. 7 Purchased July 28 Purchased 3 Purchased 250 units e s6.10 = $ 1,525 510 units e $5.70 = 1,100 units 890 units e$4.50 2,907 5,610 es5.10 - Oct. 4,005 Totals 2,750 units $ 14,047 Required: 1. The business uses a periodic inventory system. Ending inventory consists of 130 units. Calculate the costs to be assigned to the ending inventory and to goods sold under: (Round intermediate calculations and final answers to 2 decimal places for "Weight average cost".)

Exercise 6-16 Alternative cost flow assumptions-periodic LO8 Paddington Gifts made purchases of a particular product in the current year as follows: Jan. 1 Beginning inventory Mar. 7 Purchased July 28 Purchased 3 Purchased 250 units e s6.10 = $ 1,525 510 units e $5.70 = 1,100 units 890 units e$4.50 2,907 5,610 es5.10 - Oct. 4,005 Totals 2,750 units $ 14,047 Required: 1. The business uses a periodic inventory system. Ending inventory consists of 130 units. Calculate the costs to be assigned to the ending inventory and to goods sold under: (Round intermediate calculations and final answers to 2 decimal places for "Weight average cost".)

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.7EX: FIFO and UFO costs under perpetual inventory system The following units of an item were available...
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Please don't draw a table, its confusing. Can you please explain step by step how you got the values for the calculations for the FIFO and Wiegheted Moving Averages. Please I need explanation in detail. 

Exercise 6-16 Alternative cost flow assumptions-periodic LO8 Paddington Gifts made purchases of a particular product in the current year as follows: 1 Beginning inventory 250 units @ $6.10 = $ 1,525 510 units @ $5.70 = 1,100 units @$5.10 890 units e$4.50 Jan. 7 Purchased Purchased 2,907 5,610 4,005 Mar. July 28 Oct. 3 Purchased Totals 2,750 units $ 14,047 Required: 1. The business uses a periodic inventory system. Ending inventory consists of 130 units. Calculate the costs to be assigned to the ending inventory and to goods sold under: (Round intermediate calculations and final answers to 2 decimal places for "Weighted average cost".)
Transcribed Image Text:Exercise 6-16 Alternative cost flow assumptions-periodic LO8 Paddington Gifts made purchases of a particular product in the current year as follows: 1 Beginning inventory 250 units @ $6.10 = $ 1,525 510 units @ $5.70 = 1,100 units @$5.10 890 units e$4.50 Jan. 7 Purchased Purchased 2,907 5,610 4,005 Mar. July 28 Oct. 3 Purchased Totals 2,750 units $ 14,047 Required: 1. The business uses a periodic inventory system. Ending inventory consists of 130 units. Calculate the costs to be assigned to the ending inventory and to goods sold under: (Round intermediate calculations and final answers to 2 decimal places for "Weighted average cost".)
3. Determine the share of the cost of goods available for sale calculated in Part 1 that should be assigned to ending inventory and to goods sold under: (Do not round the intermediate calculations and round the final answers to nearest whole dollar.) Cost of Goods Ending Inventory Sold a. FIFO b. Moving weighted average
Transcribed Image Text:3. Determine the share of the cost of goods available for sale calculated in Part 1 that should be assigned to ending inventory and to goods sold under: (Do not round the intermediate calculations and round the final answers to nearest whole dollar.) Cost of Goods Ending Inventory Sold a. FIFO b. Moving weighted average
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