Date2/10/20223/21/2022DesiptionPurchasedSantity4 itemse S20 per itemSitems$19 per itemsitemsGitems S18 per itemPurchased4/06/20227/26/20228/18/20228/02/202210/22/202211/22/202212/22/2022SoldPurchasedSoldPurchased7items6items$17 per item4 itemsSoldSold2itemsPurchaseditemi eS16Caloulate both the ending inventory and the COGS using the LUIFO methodb Prepare the ncome Statement, Rtatement of Retained tarnins and talance Sheet assuming the company had cash sales of $100,000Balance SheetStmt of R/EIncome StmtAssetsLiabilitiesEquityEnd R/ENet IncomeNet Income

LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Rate a/10/2022 3/21/2022 Oestion Purchased 4 items520 per item SitemsS19 per item Purchased A/0/2022 Sold Sitems 6 items S1 per item 7 items GitemsS17 per item 72/2022 IN2022 Purchased Sold /02/2022 10/22/2022 Purchased Sold 4em Sold Purchased 2 tems tem S16 12/22/2022 Calelate both the endirg inventory and the COGS using the UFO method Pepare the enme Statement, atement of latained taning and Balence Sheet auming the company had cash sales of $100,000 Balance Sheet Stmt of R/E Income Stmt Assets Liabilities (quity End R/E Net Income Net income

Rate a/10/2022 3/21/2022 Oestion Purchased 4 items520 per item SitemsS19 per item Purchased A/0/2022 Sold Sitems 6 items S1 per item 7 items GitemsS17 per item 72/2022 IN2022 Purchased Sold /02/2022 10/22/2022 Purchased Sold 4em Sold Purchased 2 tems tem S16 12/22/2022 Calelate both the endirg inventory and the COGS using the UFO method Pepare the enme Statement, atement of latained taning and Balence Sheet auming the company had cash sales of $100,000 Balance Sheet Stmt of R/E Income Stmt Assets Liabilities (quity End R/E Net Income Net income

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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