Question
In: Accounting
Emily Company uses a periodic inventory system. At the end of the annual accounting period, December...
Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2:
| Units | Unit Cost | ||||||||
| Inventory, December 31, prior year | 2,890 | $ | 12 | ||||||
| For the current year: | |||||||||
| Purchase, April 11 | 8,860 | 13 | |||||||
| Purchase, June 1 | 7,930 | 18 | |||||||
| Sales ($55 each) | 10,860 | ||||||||
| Operating expenses (excluding income tax expense) | $ | 191,500 | |||||||
2. Compute the difference between the pretax income and the ending inventory amount for the two cases.
|
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Solutions
ekkarill92 answered 3 years agoRelated Solutions
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December...
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Cost Inventory, December 31, prior year 2,000 Unit $3For the current year: Purchase, March 21 5,190 5Purchase, August 1 ...
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December...
Nittany Company uses a periodic inventory system. At the end of
the annual accounting period, December 31 of the current year, the
accounting records provided the following information for product
1:
Units
Unit Cost
Inventory, December 31, prior year
1,890
$
5
For the current year:
Purchase, March 21
5,080
7
Purchase, August 1
3,000
8
Inventory, December 31, current year
4,180
Required:
Compute ending inventory and cost of goods sold for the current
year under FIFO, LIFO, and average...
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December...
Nittany Company uses a periodic inventory system. At the end of
the annual accounting period, December 31 of the current year, the
accounting records provided the following information for product
1:
Inv Dec 31 prior year Units 2000 - $5 (unit cost)
Puchase march 21 : 5000 - $6
Purchase August 1: 3000 - $8
Inventory December 31 current year 4000: (blank)
Ending inventory (FIFO/LIFO/AVG COST)
Cost of goods sold (FIFO/LIFO/Avg Cost)
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December...
Nittany Company uses a periodic inventory system. At the end of
the annual accounting period, December 31 of the current year, the
accounting records provided the following information for product
1:
Units
Unit Cost
Inventory, December 31, prior year
2,000
$
5
For the current year:
Purchase, March 21
5,000
6
Purchase, August 1
3,000
8
Inventory, December 31, current year
4,000
Required:
Compute ending inventory and cost of goods sold for the current
year under FIFO, LIFO, and average...
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December...
Nittany Company uses a periodic inventory system. At the end of
the annual accounting period, December 31 of the current year, the
accounting records provided the following information for product
1:
Units
Unit Cost
Inventory, December 31, prior year
1,960
$
5
For the current year:
Purchase, March 21
5,020
7
Purchase, August 1
2,900
8
Inventory, December 31, current year
4,080
Required:
Compute ending inventory and cost of goods sold for the current
year under FIFO, LIFO, and average...
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December...
Nittany Company uses a periodic inventory system. At the end of
the annual accounting period, December 31 of the current year, the
accounting records provided the following information for product
1:
Units
Unit Cost
Inventory, December 31, prior year
1,940
$
4
For the current year:
Purchase, March 21
5,110
6
Purchase, August 1
2,860
7
Inventory, December 31, current year
4,160
Required:
Compute ending inventory and cost of goods sold for the current
year under FIFO, LIFO, and average...
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December...
Hamilton Company uses a periodic inventory system. At the end of
the annual accounting period, December 31 of the current year, the
accounting records provided the following information for product
1:
Units
Unit Cost
Inventory, December 31, prior
year
2,000
$
5
For the current year:
Purchase, March 21
6,000
4
Purchase, August 1
4,000
2
Inventory, December 31, current
year
3,000
Required:
Compute ending inventory and cost of goods sold for the current
year under FIFO, LIFO, and average...
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December...
Hamilton Company uses a periodic inventory system. At the end of
the annual accounting period, December 31 of the current year, the
accounting records provided the following information for product
1:
Units
Unit Cost
Inventory, December 31, prior
year
2,000
$
5
For the current year:
Purchase, March 21
6,000
4
Purchase, August 1
4,000
2
Inventory, December 31, current
year
3,000
FIFO
LIFO
AVERAGE
COST
ENDING INVENTORY
COSTS OF GOODS SOLD
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December...
Nittany Company uses a periodic inventory system. At the end of
the annual accounting period, December 31 of the current year, the
accounting records provided the following information for product
1:
Units
Unit Cost
Inventory, December 31, prior year
1,950
$
5
For the current year:
Purchase, March 21
5,070
7
Purchase, August 1
2,960
8
Inventory, December 31, current year
4,070
Required:
Compute ending inventory and cost of goods sold for the current
year under FIFO, LIFO, and average...
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December...
Hamilton Company uses a periodic inventory system. At the end of
the annual accounting period, December 31, 2019, the accounting
records provided the following information for a product:
Units
Unit Cost
Inventory, December 31, 2018
1,940
$
8
For the year of 2019:
Purchase, March 21
6,030
7
Purchase, August 1
4,040
5
Inventory, December 31, 2019
2,920
(1) Compute ending inventory and cost of goods sold for
the year of 2019 under FIFO method.
(2) Compute ending inventory and...
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