omprehensive Do it! 1 on page 280 showed cost of goods sold computations under a periodic inventory system. Now let's assume that Gerald D. Englehart Compam uses a perpetual inventory system. The company has the same inventory, purchas and sales data for the month of March as shown earlier: Inventory: March 1 Purchases: March 10 March 20 March 30 March 15 March 25 The physical inventory count on March 31 shows 500 units on hand 200 units @ $4.00 500 units @ $4.50 400 units @ $4.75 300 units @ $5.00 § SIM 2.250 1.900 1.500 500 units Sales: 400 units Instructions Under a perpetual inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (a) FIFO. (b) LIFO. and (c average-cost.
omprehensive Do it! 1 on page 280 showed cost of goods sold computations under a periodic inventory system. Now let's assume that Gerald D. Englehart Compam uses a perpetual inventory system. The company has the same inventory, purchas and sales data for the month of March as shown earlier: Inventory: March 1 Purchases: March 10 March 20 March 30 March 15 March 25 The physical inventory count on March 31 shows 500 units on hand 200 units @ $4.00 500 units @ $4.50 400 units @ $4.75 300 units @ $5.00 § SIM 2.250 1.900 1.500 500 units Sales: 400 units Instructions Under a perpetual inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (a) FIFO. (b) LIFO. and (c average-cost.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...
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Comprehensive Do it! 1 on page 280 showed cost of goods sold computations under a periodic inventory system. Now let's assume that Gerald D. Englehart Compam uses a perpetual inventory system. The company has the same inventory, purchas and sales data for the month of March as shown earlier:
Inventory: March 1
Purchases: March 10
March 20
March 30
March 15
March 25
The physical inventory count on March 31 shows 500 units on hand
200 units @ $4.00
500 units @ $4.50
400 units @ $4.75
300 units @ $5.00
§
SIM
2.250
1.900
1.500
500 units
Sales:
400 units
Instructions
Under a perpetual inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (a) FIFO. (b) LIFO. and (c average-cost.
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