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Intermediate Accounting: Reporting...
Solutions
Intermediate Accounting: Reporting...
Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory.
Using the FIFO method, calculate Jessie’s inventory on December 31 and its cost of goods sold for December.
Compute the inventory on December 31 and the cost of goods sold of Store J using FIFO method.
First-in-First-Out (FIFO): In this method, items purchased initially are sold first. So, the value of the ending inventory consist the recent cost for the remaining unsold items.
Calculate ending inventory using FIFO method:
| Particulars | Units | Price per unit | Amount |
| Ending inventory (December 31) | 400 | $275 | $110,000 |
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