Please answer this question correctly Problem 6-03A a, b1-b2, c (Video)Sekhon Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made.Mar. 15400 unitsat$23Sept. 4330 unitsat$26July 20250 unitsat$24Dec. 2100 unitsat$291,000 units were sold. Sekhon Company uses a periodic inventory system.Determine the cost of goods available for sale.The cost of goods available for sale%24LINK O ΤΕXTVIDEO: SIMILAR PROBLEMCalculate average cost per unit. (Round answer to 3 decimal places, e.g. 1.250.)Average cost per unit%24LINK TO TEXTDetermine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 1,250.FIFOLIFOAVERAGE-COSTThe ending inventory24%24%24The cost of goods sold%24%24$LINK TO TEXTWhich cost flow method results in (1) the highest inventory amount for the balance sheet, and (2) the highest cost of goods sold for the income statement?(1)results in the highest inventory amount, $(2)produces the highest cost of goods sold, $Click if you would like to Show Work for this question: Open Show Work

We have solved only first 2 questions

Problem 6-03A a, b1-b2, c (Video) Sekhon Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made. Mar. 15 400 units at $23 330 units Sept. 4 Dec. 2 at $26 July 20 250 units at $24 100 units at $29 1,000 units were sold. Sekhon Company uses a periodic inventory system. Determine the cost of goods available for sale. The cost of goods available for sale %24 LINK TO TEXT VIDEO: SIMILAR PROBLEM Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 1.250.) Average cost per unit %24 LINK TO TEXT

Problem 6-03A a, b1-b2, c (Video) Sekhon Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made. Mar. 15 400 units at $23 330 units Sept. 4 Dec. 2 at $26 July 20 250 units at $24 100 units at $29 1,000 units were sold. Sekhon Company uses a periodic inventory system. Determine the cost of goods available for sale. The cost of goods available for sale %24 LINK TO TEXT VIDEO: SIMILAR PROBLEM Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 1.250.) Average cost per unit %24 LINK TO TEXT

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 6.5BE: Periodic inventory using FIFO, UFO, and weighted average cost methods The units of an item available...

See similar textbooks

Similar questions

Communication Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Sales April 16,000 units May 16,000 June 20,000 July 24,000 August 28,000 September 28,000 October 18,000 November 10,000 December 8,000 Total units 168,000 Total sales 10,000,000 The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO and FIFO inventory cost flow methods and their potential impacts on the companys financial statements.
Periodic inventory using FIFO, UFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 20 units at 360 7,200 Aug. 13 Purchase 260 units at 342 88,920 Nov. 30 Purchase 40 units at 357 14,280 Available for sale 320 units 110,400 There are 57 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (A) first-in, first-out (FIFO) method; (B) last-in, first-out (LIFO) method; and (C) weighted average cost method.
FIFO and UFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 7,200 units at 160 Sale 4,800 units at 300 First purchase 16,000 units at 168 Sale 12,000 units at 300 Second purchase 15,000 units at176 Sale 11,000 units at 300 The firm uses the perpetual inventory system, and there are 10,400 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to (A) FIFO and (B) UFO?
Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 175 units at 30 7 Sale 155 units 15 Purchase 200 units at 33 24 Sale 140 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (A) the cost of goods sold on October 24 and (B) the inventory on October 31.
Appendix Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1,20Y7 380,000 Inventory, April 30,20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30. 20Y8, using the periodic inventory system. b. Determine the gross profit to be-reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventors-system?
Periodic inventory by three methods Pappas Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the year, and the inventory count at December 31 are summarized as follows: Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: Model Quantity Unit Cost Total Cost If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. 2. Determine the cost of the inventory on December 31 by the last-in, first-out method, following the procedures indicated in (1). 3. Determine the cost of the inventory on December 31 by the weighted average cost method, using the columnar headings indicated in (1). 4. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.