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Using a periodic FIFO inventory system, determine the cost of the closing inventory and the cost of sales for the year. Show all your calculations. The following information relates to the inventory of a bookseller in the records of BCD Books Ltd. 1 July Opening inventory 10 @ $35 $350 14 Aug Purchased 25 Sept Sold at selling price 9 @ $60 540 10 @ $38 380 10 @ $40 400 5 @ $42 210 8 Jan Purchased 3 March Purchased 13 April Sold at selling price 11 @ $65 715 10 June Sold at selling price 5 @ $70 350

Using a periodic FIFO inventory system, determine the cost of the closing inventory and the cost of sales for the year. Show all your calculations. The following information relates to the inventory of a bookseller in the records of BCD Books Ltd. 1 July Opening inventory 10 @ $35 $350 14 Aug Purchased 25 Sept Sold at selling price 9 @ $60 540 10 @ $38 380 10 @ $40 400 5 @ $42 210 8 Jan Purchased 3 March Purchased 13 April Sold at selling price 11 @ $65 715 10 June Sold at selling price 5 @ $70 350

Intermediate Accounting: Reporting And Analysis
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
Chapter3: Review Of A Company's Accounting System
Section: Chapter Questions
Problem 8E: Periodic Inventory System Raynolde Company uses a periodic inventory system. At the end of the year,...
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Using a periodic FIFO inventory system, determine the cost of the closing inventory and the cost of sales for the year. Show all your calculations. The following information relates to the inventory of a bookseller in the records of BCD Books Ltd. 1 July Opening inventory 10 @ $35 $350 10 @ $38 380 25 Sept Sold at selling price 9 @ $60 10 @ $40 400 5 @ $42 210 13 April Sold at selling price 11 @ $65 715 10 June Sold at selling price 5 @ $70 14 Aug Purchased 540 8 Jan Purchased 3 March Purchased 350
Transcribed Image Text:Using a periodic FIFO inventory system, determine the cost of the closing inventory and the cost of sales for the year. Show all your calculations. The following information relates to the inventory of a bookseller in the records of BCD Books Ltd. 1 July Opening inventory 10 @ $35 $350 10 @ $38 380 25 Sept Sold at selling price 9 @ $60 10 @ $40 400 5 @ $42 210 13 April Sold at selling price 11 @ $65 715 10 June Sold at selling price 5 @ $70 14 Aug Purchased 540 8 Jan Purchased 3 March Purchased 350
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