Sheldon Company's inventory records for the most recent year contain the following data:E (Click the icon to view the data.)Sheldon Company sold a total of 18,600 units during the year.Read the requirements......Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. (Round the average cost per unit to the nearest cent.)Average-cost method cost of goods sold =156,240Average-cost method ending inventory =2$11,760Requirement 2. Using the FIFO method, compute the cost of goods sold and ending inventory for the year.FIFO method cost of goods sold =$ 154,000FIFO method ending inventory =$14,000Requirement 3. Using the LIFO method, compute the cost of goods sold and ending inventory for the year.LIFO method cost of goods sold =LIFO method ending invetory = Data TableQuantity Unit CostBeginning inventory8,000$6.00Purchases during year12,000$10.00

Inventory valuation methods are based on the flow of inventory used by the firm. There are several…

Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. (Round the average cost per unit to the nearest cent.) Average-cost method cost of goods sold = $ 156,240 Average-cost method ending inventory = $ 11,760 Requirement 2. Using the FIFO method, compute the cost of goods sold and ending inventory for the year. FIFO method cost of goods sold = $ 154,000 FIFO method ending inventory = $ 14,000 Requirement 3. Using the LIFO method, compute the cost of goods sold and ending inventory for the year. LIFO method cost of goods sold = LIFO method ending invetory =

Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory for the year. (Round the average cost per unit to the nearest cent.) Average-cost method cost of goods sold = $ 156,240 Average-cost method ending inventory = $ 11,760 Requirement 2. Using the FIFO method, compute the cost of goods sold and ending inventory for the year. FIFO method cost of goods sold = $ 154,000 FIFO method ending inventory = $ 14,000 Requirement 3. Using the LIFO method, compute the cost of goods sold and ending inventory for the year. LIFO method cost of goods sold = LIFO method ending invetory =

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 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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