Question
In: Accounting
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 1,930 $ 6 For the current year: Purchase, March 21 6,010 5 Purchase, August 1 4,120 3 Inventory, December 31, current year 2,900 Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods.
Solutions
ekkarill92 answered 4 months agoRelated Solutions
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
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...
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, 2015, the accounting
records provided the following information for product 1:
Units
Unit Cost
Inventory, December 31, 2014
1,930
$7
For the year 2015:
Purchase, March 21
6,180
6
Purchase, August 1
4,070
4
Inventory, December 31, 2015
2,800
Required:
Compute ending inventory and cost of goods sold under FIFO,
LIFO, and average cost inventory costing...
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 1,890 $ 8 For
the current year: Purchase, March 21 6,030 7 Purchase, August 1
4,110 5 Inventory, December 31, current year 2,810 Required:
Compute ending inventory and cost of goods sold under FIFO, LIFO,
and average cost inventory costing methods....
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, 2015, the accounting
records provided the following information for product 1:
Units
Unit Cost
Inventory, December 31, 2014
1,930
$7
For the year 2015:
Purchase, March 21
6,180
6
Purchase, August 1
4,070
4
Inventory, December 31, 2015
2,800
Required:
Compute ending inventory and cost of goods sold under FIFO,
LIFO, and average cost inventory costing...
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)
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...
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