Please do not give solution in image format thanku Ibri model furniture mart data of purchases and sales:Jan 1-BeginninginventoryJan 6-PurchasesJan 14-PurchasesJan 16-PurchasesTotal purchasesJan 8-SalesJan 19-SalesTotal salesUnits3405004506401000Units4505501000CostRO 25RO 28RO 30RO 34Sales priceRO 34RO 38AmountRO 8,500RO 14,000RO 13,500RO 21,760RO 57,760Sales AmountRO 15,300RO 20,900RO 36,200You are requested to apply the i) LIFO and ii) Weighted Average method to find out the Cost of goods sold and Ending Inventoryunder Periodic Inventory System and write down the necessary journal entries also during the month of January 2015.

Name: Please do not give solution in image format thanku Ibri model furnitur
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Description: Please do not give solution in image format thanku Ibri model furniture mart data of purchases and sales:Jan 1-BeginninginventoryJan 6-PurchasesJan 14-PurchasesJan 16-PurchasesTotal purchasesJan 8-SalesJan 19-SalesTotal salesUnits3405004506401000Unit

LIFO: Last In First OutFIFO: First In First OutWeighted Average MethodSpecific Identification

Business

Accounting

You are requested to apply the i) LIFO and ii) Weighted Average method to find out the Cost of goods sold and Ending Inventory under Periodic Inventory System and write down the necessary journal entries also during the month of January 2015.

You are requested to apply the i) LIFO and ii) Weighted Average method to find out the Cost of goods sold and Ending Inventory under Periodic Inventory System and write down the necessary journal entries also during the month of January 2015.

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

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.2AP

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