Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 3
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Question:
Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December the accounting records for the most popular item in inventory showed the following:
Transactions Units Unit Cost
Beginning inventory, January $
Transactions during the year:
a Purchase, January
b Purchase, May
c Sale $ each
d Sale $ each
Required:
a Compute the amount of goods available for sale.
b & c Compute the amount of ending inventory and cost of goods sold at December under Average cost, Firstin firstout, Lastin firstout and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected twofifths from the beginning inventory and threefifths from the purchase of January Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May
Related Book For
Financial Accounting
ISBN: 978-0078025556
8th edition
Authors: Robert Libby, Patricia Libby, Daniel Short
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