Specific Identification, FIFO, LIFO, and Weighted-Average Boyce Company's beginning Inventory and purchases durtng the fiscal year ended September 30, 20-2, are shown. Units Unit Price Total Cost October 1, 20-1 Beginning Inventory 400 $15.00 $6,000 1st purchase 16.50 4,950 October 18 300 November 25 2nd purchase 17.00 10,200 600 January 12, 20-2 3rd purchase 700 17.25 12,075 March 17 4th purchase B00 18.00 14,400 June 2 Sth purchase 400 19.00 7,600 August 21 6th purchase 300 21.00 6,300 September 27 7th purchase 500 21.75 10,875 4,000 $72,400 Use the followtng Information for the specific ldentification method. There are 900 units of Inventory on hand on September 30, 20-2. of these 900 units: 1st purchase 50 are from October 18, 20-1 3rd purchase 300 are from January 12, 20-2 4th purchase 100 are from March 17 Sth purchase 200 are from June 2 6th purchase 50 are from August 21 7th purchase 200 are from September 27 Required: Calculate the total amount to be assigned to the cost of goods sold for the fiscal year ended September 30, 20-2, and ending Inventory on September 30, 20-2, under each of the following pertodic Inventory me Cost of Goods Sold Cost of Ending Inventory 1. FIFO 2. LIFO 3. Weighted-average 4. Specific identification JOUD
Specific Identification, FIFO, LIFO, and Weighted-Average Boyce Company's beginning Inventory and purchases durtng the fiscal year ended September 30, 20-2, are shown. Units Unit Price Total Cost October 1, 20-1 Beginning Inventory 400 $15.00 $6,000 1st purchase 16.50 4,950 October 18 300 November 25 2nd purchase 17.00 10,200 600 January 12, 20-2 3rd purchase 700 17.25 12,075 March 17 4th purchase B00 18.00 14,400 June 2 Sth purchase 400 19.00 7,600 August 21 6th purchase 300 21.00 6,300 September 27 7th purchase 500 21.75 10,875 4,000 $72,400 Use the followtng Information for the specific ldentification method. There are 900 units of Inventory on hand on September 30, 20-2. of these 900 units: 1st purchase 50 are from October 18, 20-1 3rd purchase 300 are from January 12, 20-2 4th purchase 100 are from March 17 Sth purchase 200 are from June 2 6th purchase 50 are from August 21 7th purchase 200 are from September 27 Required: Calculate the total amount to be assigned to the cost of goods sold for the fiscal year ended September 30, 20-2, and ending Inventory on September 30, 20-2, under each of the following pertodic Inventory me Cost of Goods Sold Cost of Ending Inventory 1. FIFO 2. LIFO 3. Weighted-average 4. Specific identification JOUD
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...
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Specific Identification, FIFO, LIFO, and Weighted-Average
Boyce Company's beginning Inventory and purchases during the fiscal year ended September 30, 20-2, are shown.
Units Unit Price Total Cost
October 1, 20-1
Beginning Inventory
400
$15.00
$6,000
October 18
1st purchase
300
16.50
4,950
November 25
2nd purchase
600
17.00
10,200
January 12, 20-2 3rd purchase
700
17.25
12,075
March 17
4th purchase
800
18.00
14,400
June 2
5th purchase
400
19.00
7,600
August 21
6th purchase
300
21.00
6,300
7th purchase
500
10,875
21.75
September 27
4,000
$72,400
Use the following Information for the specific Identification method.
There are 900 units of Inventory on hand on September 30, 20-2. Of these 900 units:
1st purchase
50 are from October 18, 20-1
3rd purchase
300 are from January 12, 20-2
4th purchase
100 are from March 17
5th purchase
200 are from June 2
6th purchase
50 are from August 21
7th purchase
200 are from September 27
Required:
Calculate the total amount to be assigned to the cost of goods sold for the fiscal year ended September 30, 20-2, and ending Inventory on September 30, 20-2, under each of the following perlodic Inventory methods.
Cost of Goods Sold
Cost of Ending Inventory
1. FIFO
24
2. LIFO
%24
3. Weighted-average
4. Specific identification
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