To continue with our Periodic Inventory Management topic and so I can get a "temperature check" on how you are understanding this topic: Please try this scenario which will be like what will be on the final exam. PLEASE ROUND TO THE NEAREST DOLLAR. The following units of an item were available for sale during the year Jan 1. Inventory 30 units @ $130 Mar 10. Purchase 70 units @ $140 Aug. 15. Purchased 10 units @ $145 Dec 10. Purchased 70 units @$150 There are 80 units of the item remaining in the physical inventory on December 31st. The periodic inventory system was used. Determine the inventory cost and cost of merchandise sold using the three main methods (ROUND TO THE NEAREST DOLLAR) Inventory Method FIFO (first in, first out) LIFO (last in, first out) Merchandise Inventory Cost Weighted Avg Cost Your post should be the detailed explanation/ calculations on how you got each answer.
To continue with our Periodic Inventory Management topic and so I can get a "temperature check" on how you are understanding this topic: Please try this scenario which will be like what will be on the final exam. PLEASE ROUND TO THE NEAREST DOLLAR. The following units of an item were available for sale during the year Jan 1. Inventory 30 units @ $130 Mar 10. Purchase 70 units @ $140 Aug. 15. Purchased 10 units @ $145 Dec 10. Purchased 70 units @$150 There are 80 units of the item remaining in the physical inventory on December 31st. The periodic inventory system was used. Determine the inventory cost and cost of merchandise sold using the three main methods (ROUND TO THE NEAREST DOLLAR) Inventory Method FIFO (first in, first out) LIFO (last in, first out) Merchandise Inventory Cost Weighted Avg Cost Your post should be the detailed explanation/ calculations on how you got each answer.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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Please answer each part with all the methods including FIFO, LIFO, and WAC.
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Step 1: Introduction of Inventory Valuation
VIEWStep 2: Calculation of Merchandise total cost and average cost
VIEWStep 3: Calculation of Merchandise inventory cost and cost of merchandise sold as per FIFO method
VIEWStep 4: Calculation of Merchandise inventory cost and cost of merchandise sold as per LIFO method
VIEWStep 5: Calculation of Merchandise inventory cost and cost of merchandise sold as per Weighted Average cost
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