Waqar Sound uses a periodic inventory system. One of the store’s products is a wireless headphone.The inventory quantities, purchases, and sales of this product for the most recent year are as follows: Number of units Cost per Unit Total Cost Inventory, Jan 1 10 150 Rs 1500 First Purchase 30 101 3030 Second Purchase 40 140 5600 Third Purchase 5 110 550 Fourth Purchase 15 130 1,950 Good available for sale 100 Units sold during the year 80 Inventory, Dec 31 20 Instructions Using periodic costing procedures, compute the cost of the December 31 inventory and thecost of goods sold for the year under each of the following cost assumptions: First-in, first-out. Last-in, first-out. Average cost (round to the nearest dollar, except unit cost).
Waqar Sound uses a periodic inventory system. One of the store’s products is a wireless headphone.The inventory quantities, purchases, and sales of this product for the most recent year are as follows: Number of units Cost per Unit Total Cost Inventory, Jan 1 10 150 Rs 1500 First Purchase 30 101 3030 Second Purchase 40 140 5600 Third Purchase 5 110 550 Fourth Purchase 15 130 1,950 Good available for sale 100 Units sold during the year 80 Inventory, Dec 31 20 Instructions Using periodic costing procedures, compute the cost of the December 31 inventory and thecost of goods sold for the year under each of the following cost assumptions: First-in, first-out. Last-in, first-out. Average cost (round to the nearest dollar, except unit cost).
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 5PA
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Waqar Sound uses a periodic inventory system. One of the store’s products is a wireless headphone.The inventory quantities, purchases, and sales of this product for the most recent year are as follows:
|
Number of units |
Cost per Unit |
Total Cost |
Inventory, Jan 1 |
10 |
150 |
Rs 1500 |
First Purchase |
30 |
101 |
3030 |
Second Purchase |
40 |
140 |
5600 |
Third Purchase |
5 |
110 |
550 |
Fourth Purchase |
15 |
130 |
1,950 |
Good available for sale |
100 |
|
|
Units sold during the year |
80 |
|
|
Inventory, Dec 31 |
20 |
|
|
Instructions
- Using periodic costing procedures, compute the cost of the December 31 inventory and thecost of goods sold for the year under each of the following cost assumptions:
- First-in, first-out.
- Last-in, first-out.
- Average cost (round to the nearest dollar, except unit cost).
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