Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory syster ending inventory consists of 480 units-160 from each of the last three purchases. Jan. 1 Beginning inventory 7 Purchase July 28 Purchase 3 Purchase Dec. 19 Purchase 260 units @ $4.40 = $ 1,144 560 units @ $5.25 = 1, 200 units @ $4.90 = 1,080 units @ $5.20 = 560 units $6.50 = Mar. 2,940 5, 880 5,616 3,640 Oct. Totals 3, 660 units $19, 220 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermedia calculations and round your answers to 2 decimal places.) Ending Inventory Cost of Goods Sold (a) Specific identification (b) Weighted average (c) FIFO
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory syster ending inventory consists of 480 units-160 from each of the last three purchases. Jan. 1 Beginning inventory 7 Purchase July 28 Purchase 3 Purchase Dec. 19 Purchase 260 units @ $4.40 = $ 1,144 560 units @ $5.25 = 1, 200 units @ $4.90 = 1,080 units @ $5.20 = 560 units $6.50 = Mar. 2,940 5, 880 5,616 3,640 Oct. Totals 3, 660 units $19, 220 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermedia calculations and round your answers to 2 decimal places.) Ending Inventory Cost of Goods Sold (a) Specific identification (b) Weighted average (c) FIFO
Chapter10: Inventory
Section: Chapter Questions
Problem 2PA: Trini Company had the following transactions for the month. Calculate the ending inventory dollar...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT