Principles of Financial Accounting.
22nd Edition
ISBN: 9780077632892
Author: John J. Wild
Publisher: McGraw Hill
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Textbook Question
Chapter 6, Problem 16QS
Perpetual: Assigning costs with FIFO P1
Trey Monson slam a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each.
Purchases on December 7 | 10 units@$ 6.00 cost |
Purchases on December 14 | 20 units@ $12.00 cost |
Purchases on December 21. | 15 units@ $14.00 cost |
Required
Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on the FIFO method. (Round per unit costs and inventory amounts to cents.)
QS 6-16
Periodic: Inventory costing with weighted average P3
Refer to the information in QS 6-10 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round per unit costs and inventory amounts to cents.)
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Principles of Financial Accounting.
Ch. 6 - Perpetual: Assume that Marvel uses a perpetual...Ch. 6 - Perpetual: Assume that Marvel uses a perpetual...Ch. 6 - Perpetual and Periodic: Assume that Marvel uses a...Ch. 6 - Periodic: Assume that Marvel uses a periodic FIFO...Ch. 6 - Prob. 5MCQCh. 6 - A company has cost of goods sold of 85,000 and...Ch. 6 - Describe how costs flow from inventory to cost of...Ch. 6 - Where is the amount of merchandise inventory...Ch. 6 - Prob. 3DQCh. 6 - If costs are declining, will the LIFO or FIFO...
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Chapter 6 Merchandise Inventory; Author: Vicki Stewart;https://www.youtube.com/watch?v=DnrcQLD2yKU;License: Standard YouTube License, CC-BY
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