Sh17Please help meSolution Compute cost of goods sold, assuming Sunland uses: (Round average cost per unit to 4 decimal places, eg. 2.7631 and final answers toO decimal places, e.g. 6,548.)(a)(b)(d)(c) Periodic system, LIFO cost flow(e)Periodic system, FIFO cost flow(f)Perpetual system, FIFO cost flowPerpetual system, LIFO cost flowPeriodic system, average-cost flowPerpetual system, moving-average cost flowMASsCost of goods sold Sunland Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye.Date1/12/42/204/211/4TransactionBeginning inventoryPurchaseSalePurchaseSaleQuantity Price/Cost2,3003,3003,8004,3003,500$1624403144

The various methods for inventory valuation are FIFO, LIFO and average method. Using FIFO, the older…

Sunland Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye Date 1/1 2/4 2/20 4/2 11/4 Transaction Beginning inventory Purchase Sale Purchase Sale Quantity Price/Cost 2,300 3,300 3,800 4,300 3,500 $16 24 40 31 44

Sunland Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye Date 1/1 2/4 2/20 4/2 11/4 Transaction Beginning inventory Purchase Sale Purchase Sale Quantity Price/Cost 2,300 3,300 3,800 4,300 3,500 $16 24 40 31 44

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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Blue Devil Inc. uses the LIFO inventory costing method for both tax reporting and financial reporting purposes. Blue Devil’s inventories are reported at $50 million on its balance sheet. In its footnotes, Blue Devil is required to report the amount at which inventories would have been reported under FIFO method. The difference between these two numbers is referred to as what? Group of answer choices LIFO holding gain LCM disclosures LIFO reserve LIFO liquidation
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The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets P550,000 P585,000Property and Other…
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