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+ X HBlackboard Learn X Easy Access to Internet Services CCSU.blackboard.com/webapps/blackboard/content/contentWrapper.jsp?course_id= _43047_1&displayNa C Central Connecticut State University McGraw-Hill CONNECT SEC 09 Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Unit Cost $31 Units Transactions 1,500 a. Inventory, Beginning For the year b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $76 per unit) e. Sale, October 31 (sold for S79 per unit) f. Operating expenses (excluding income tax expense), $398,000 32 7,500 3,500 2,200 6,500 34 Required: 1. Calculate the number and cost of goods available for sale. Number of Goods Available for Sale units Cost of Goods Available for Sale 2. Calculate the number of units in ending inventory Ending Inventory units HBläckboard Learn X Easy Access to Internet Services cCsu.blackboard.com/webapps/blackboard/content/contentWrapperjsp?course_id=_43047 1&displayN C Central Connecticut State University McGraw-Hill CONNECT SEC 09 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost Cost of Goods Sold Cost of Ending Inventory FIFO LIFO Weighted Average Cost 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. SCORESBY INC. Income Statement For the Year Ended December 31 Weighted Average FIFO LIFO

+ X HBlackboard Learn X Easy Access to Internet Services CCSU.blackboard.com/webapps/blackboard/content/contentWrapper.jsp?course_id= _43047_1&displayNa C Central Connecticut State University McGraw-Hill CONNECT SEC 09 Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Unit Cost $31 Units Transactions 1,500 a. Inventory, Beginning For the year b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $76 per unit) e. Sale, October 31 (sold for S79 per unit) f. Operating expenses (excluding income tax expense), $398,000 32 7,500 3,500 2,200 6,500 34 Required: 1. Calculate the number and cost of goods available for sale. Number of Goods Available for Sale units Cost of Goods Available for Sale 2. Calculate the number of units in ending inventory Ending Inventory units HBläckboard Learn X Easy Access to Internet Services cCsu.blackboard.com/webapps/blackboard/content/contentWrapperjsp?course_id=_43047 1&displayN C Central Connecticut State University McGraw-Hill CONNECT SEC 09 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost Cost of Goods Sold Cost of Ending Inventory FIFO LIFO Weighted Average Cost 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. SCORESBY INC. Income Statement For the Year Ended December 31 Weighted Average FIFO LIFO

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.24MCE
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+ X HBlackboard Learn X Easy Access to Internet Services CCSU.blackboard.com/webapps/blackboard/content/contentWrapper.jsp?course_id= _43047_1&displayNa C Central Connecticut State University McGraw-Hill CONNECT SEC 09 Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Unit Cost $31 Units Transactions 1,500 a. Inventory, Beginning For the year b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $76 per unit) e. Sale, October 31 (sold for S79 per unit) f. Operating expenses (excluding income tax expense), $398,000 32 7,500 3,500 2,200 6,500 34 Required: 1. Calculate the number and cost of goods available for sale. Number of Goods Available for Sale units Cost of Goods Available for Sale 2. Calculate the number of units in ending inventory Ending Inventory units
Transcribed Image Text:+ X HBlackboard Learn X Easy Access to Internet Services CCSU.blackboard.com/webapps/blackboard/content/contentWrapper.jsp?course_id= _43047_1&displayNa C Central Connecticut State University McGraw-Hill CONNECT SEC 09 Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Unit Cost $31 Units Transactions 1,500 a. Inventory, Beginning For the year b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $76 per unit) e. Sale, October 31 (sold for S79 per unit) f. Operating expenses (excluding income tax expense), $398,000 32 7,500 3,500 2,200 6,500 34 Required: 1. Calculate the number and cost of goods available for sale. Number of Goods Available for Sale units Cost of Goods Available for Sale 2. Calculate the number of units in ending inventory Ending Inventory units
HBläckboard Learn X Easy Access to Internet Services cCsu.blackboard.com/webapps/blackboard/content/contentWrapperjsp?course_id=_43047 1&displayN C Central Connecticut State University McGraw-Hill CONNECT SEC 09 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost Cost of Goods Sold Cost of Ending Inventory FIFO LIFO Weighted Average Cost 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. SCORESBY INC. Income Statement For the Year Ended December 31 Weighted Average FIFO LIFO
Transcribed Image Text:HBläckboard Learn X Easy Access to Internet Services cCsu.blackboard.com/webapps/blackboard/content/contentWrapperjsp?course_id=_43047 1&displayN C Central Connecticut State University McGraw-Hill CONNECT SEC 09 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost Cost of Goods Sold Cost of Ending Inventory FIFO LIFO Weighted Average Cost 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. SCORESBY INC. Income Statement For the Year Ended December 31 Weighted Average FIFO LIFO
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