Need help with this. B-C rows are incorrect. Please be specific in how you get y
ID: 2518024 • Letter: N
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Need help with this. B-C rows are incorrect. Please be specific in how you get you answers.
PB7-1 Analyzing the Effects of Four Alternative Inventory Methods in a Periodic Inventory System [LO 7-3]
Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the accounting period, January 31. The inventory’s selling price is $10 per unit.
Assuming that for Specific identification method (item 1d) the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase.
Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the accounting period, January 31. The inventory’s selling price is $10 per unit.
PB7-1 Analyzing the Effects of Four Alternative Inventory Methods in a Periodic Inventory System [LO 7-3] Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the accounting period, January 31. The inventory's selling price is $10 per unit Transactions Inventory, January 1 Sale, January 10 Purchase, January 12 Sale, January 17 Purchase, January 26 Unit Cost Units Total Cost $3.00 3.50 4.50 190 $570 (160) 240 840 (140) 70 Assuming that for Specific identification method (tem 1d) the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase Required 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following inventory costing methods: (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.) Amount of Goods Available for Sale Cost of Goods Sold Ending Inventory a. Weighted average cost b. First-in, first-out c. Last-in, first-out d. Specific identification S 1,725 S 1,725 S 1,725 S 1,725 $ 690 $ 308 229 376 970 755 $ 1,725Explanation / Answer
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b FIFO Unit Cost Sale Units 300 Purchase 190 3 570 240 3.5 840 70 4.5 315 Cost of Goods Sold 190 3 570 110 3.5 385 Cost of Goods Sold 955 Ending Inventory 130 3.5 455 70 4.5 315 Ending Inventory 770 c LIFO Cost of Goods Sold 70 4.5 315 230 3.5 805 Cost of Goods Sold 1120 Ending Inventory 10 3.5 35 190 3 570 Ending Inventory 605Related Questions
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