The college campus bookstore uses a periodic inventory system.The bookstore purchases 420 copies of a textbook at $66 each inJune, 975 copies in August at $68 each, and 600 copies in Decemberat $71 each. The bookstore sold 1,890 copies of the textbook duringthe year.
Required: Calculate the company's endinginventory and cost of goods sold using the each of followinginventory costing methods.
A) FIFO
Cost of Goods Sold:
Ending Inventory:
B) LIFO
Cost of Goods Sold:
Ending Inventory:
Weighted Average cost method. (Round your intermediate calculationsto 2 decimal places and final answers to the nearest dollaramount.)
C) Cost of Goods Sold:
Ending Inventory:
The college campus bookstore uses a periodic inventory system.The bookstore purchases 420 copies of a textbook at $66 each inJune, 975 copies in August at $68 each, and 600 copies in Decemberat $71 each. The bookstore sold 1,890 copies of the textbook duringthe year.
Required: Calculate the company's endinginventory and cost of goods sold using the each of followinginventory costing methods.
A) FIFO
Cost of Goods Sold:
Ending Inventory:
B) LIFO
Cost of Goods Sold:
Ending Inventory:
| Weighted Average cost method. (Round your intermediate calculationsto 2 decimal places and final answers to the nearest dollaramount.)
|
Related questions
| The college campus bookstore uses a periodic inventory system. The bookstore purchases 445 copies of a textbook at $70 each in June, 975 copies in August at $72 each, and 610 copies in December at $75 each. The bookstore sold 1,870 copies of the textbook during the year. |
| Required: | |
| Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. A. FIFO 1. Cost of Goods Sold 2. Ending Inventory B. LIFO 1. Cost of Goods Sold 2. Ending Inventory C. Weighted Average Cost Method 1. Cost of Goods Sold 2. Ending Inventory |
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21. Altira Corporation uses a periodic inventory system. Thefollowing information related to its merchandise inventory duringthe month of August 2016 is available: |
| Aug.1 | Inventory onhandâ2,000 units; cost $6.10 each. |
| 8 | Purchased 10,000units for $5.50 each. |
| 14 | Sold 8,000 units for$12.00 each. |
| 18 | Purchased 6,000units for $5.00 each. |
| 25 | Sold 7,000 units for$11.00 each. |
| 31 | Inventory onhandâ3,000 units. |
| Required: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Determine the inventory balance Altira would report in itsAugust 31, 2016, balance sheet and the cost of goods sold it wouldreport in its August 2016 income statement using each of thefollowing cost flow methods: (Round "Average Cost per Unit"to 2 decimal places.)
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