y methods is a car dealer most likely to uve E) periodic: (C) weighted average:
ID: 2584333 • Letter: Y
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y methods is a car dealer most likely to uve E) periodic: (C) weighted average: (D) specific identification,d en merchandise is sold and the periodic system of inventory is used he journal entry for a sale could include (A) debiting Accounts Receivable and crediting Sales: (B) debiting Accounts Receivable and crediting Merchandise Inventory, (C) debiting Cost of Goods Sold and crediting Merchandise Inventory Sales: (E) A & C of Goods sold and creding Section C Directions: The 30 were as follows Compa Henzel Company's beginning inventory and purchases during the fiscal year end were as folle "of Unit Total Units Price - Con- 52.25 58.00 240,000 731,500 July Sept. 15 Dec. 5 Mar. 9 6,000 $40.00 Beginning inventory First purchase Second purchase Third purchase 14,000 28,000 1,624,000 19,000 63.50 1,206,500 There are 2,000 units of inventory on hand on June 30, 20 Of these, 1,000 were part of the beginning inventory, 600 were part of the Dec. 5 purchase, and the rest were from the Mar, 9 Calculate the total to be assigned to ending inventory under the LIFO and specific identificati Show your work. (20 poits) I. LIFO 2. SPECIFIC IDENTIFICATION 2017 Cengage Leaming. All Rights Reseried May not be scanned, copicd or duplicated, or posted to a publicly acceExplanation / Answer
LIFO:
Number of units in Ending Inventory = 2,000
Ending Inventory includes 2,000 units of beginning inventory
Ending Inventory = 2,000 * $40.00
Ending Inventory = $80,000
Specific Identification:
Ending Inventory includes 1,000 units of beginning inventory, 600 of 2nd purchase and 400 of 3rd purchase
Ending Inventory = 1,000 * $40.00 + 600 * $58.00 + 400 * $63.50
Ending Inventory = $100,200
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