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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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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.

Chapter 7, Problem 11RE, Jessie Stores uses the periodic system of calculating inventory. The following information is

Using the FIFO method, calculate Jessie’s inventory on December 31 and its cost of goods sold for December.

RE7-11 Using the information from RE7-10, calculate Jessie Stores’s inventory on December 31 and its cost of goods sold for December using the LIFO method.

To determine

Compute the inventory of Company J as on December 31 and cost of goods sold for December.

Explanation

Cost of goods sold:

Cost of goods sold is the total of all the expenses incurred by a company to sell the goods during the given period.

Compute the total inventory of Company J for the year end:

<
ParticularsAmount ($)
Ending inventory
300 units at $250 per unit (300×$250)$ 75,000
100 units at $275 per unit (100×$275)$ 27,500

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