Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked you to help her determine what the Ending 8alance for Inventory and the Cost of Goods Sold total would be using the three (3) valuation methods: (a) LIFO (last in first out), (b) FIFO (first in first out), and Weighted Average. The purchase information is below: Inventory Purchase Saturday, June 6, 2020 Sunday, June 14, 2020 Thursday, June 18, 2020 Tuesday, June 30, 2020 Items Cost per Item 107 85.10 158 2$ 79.50 87 $ 95.00 93 $ 92.40 445 Katelyn told you that 300 items were sold and 145 remained in inventory.

Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked you to help her determine what the Ending 8alance for Inventory and the Cost of Goods Sold total would be using the three (3) valuation methods: (a) LIFO (last in first out), (b) FIFO (first in first out), and Weighted Average. The purchase information is below: Inventory Purchase Saturday, June 6, 2020 Sunday, June 14, 2020 Thursday, June 18, 2020 Tuesday, June 30, 2020 Items Cost per Item 107 85.10 158 2$ 79.50 87 $ 95.00 93 $ 92.40 445 Katelyn told you that 300 items were sold and 145 remained in inventory.

Name: Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked
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Description: Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked you to help herdetermine what the Ending Balance for Inventory and the Cost of Goods Sold total wouldbe using the three (3) valuation methods: (a) LIFO (last in first out), (b) FIF

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PA: The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month...

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Data on the physical inventory of Katus Products Co. as of December 31 follow: Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Instructions Determine the inventory at cost as well as at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item: 1. Draw a line through the quantity and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the LCM column. The first item on the inventory sheet has been completed as an example.
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