The accounting records of Kingbird Electronics show the following data.Beginning inventoryPurchasesSales3,060 units at $77,140 units at $9.8,590 units at $12Determine cost of goods sold during the period under a periodic inventory system using (a) the FIFO method, (b) the LIFO method, and(c) the average-cost method.Cost of goods soldFIFOSA$LIFO$Average-cost$

Cost of goods sold using FIFO Method is $71190Cost of goods sold using LIFO Method is $74410Cost of…

Answered: The accounting records of Kingbird…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 2PEB: Beginning inventory, purchases, and sales for Item Delta are as follows: Assuming a perpetual...

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Lower-of-cost-or market inventory Data on the physical inventory of Moyer Company as of December 31, 20Y9, are presented below. Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Instructions Determine the inventory at cost and at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on an inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Draw a line through the quantity, and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the LCM column. The first item on the inventory sheet has been completed below as an example.
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