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Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. Beginning inventory, January 1,
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system.
Beginning inventory, January 1, 2021 | 550 | units @ $65 each |
Purchases: | ||
January 15 | 1,200 | units @ $80 each |
January 21 | 1,000 | units @ $85 each |
Sales: | ||
January 5 | 500 | units @ $105 each |
January 22 | 900 | units @ $115 each |
January 29 | 350 | units @ $120 each |
Ending inventory, January 31, 2021 | 1,000 | units |
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Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. Cost of Goods Sold - Periodic FIFO Inventory Balance - Periodic FIFO FIFO: Cost of Goods Available for Sale - FIFO Cost of # of Cost per Goods units unit Available for Sale # of units sold Cost per Cost of # of units in ending inventory Cost per unit Ending Inventory $ 0.00 $ 0.00 $ Beg. Inventory Purchases January 15 January 21 Total L 0.001s ol 0. 00 0.00 0.00 S00 $ 0 0 $ Cost of Goods Sold - Periodic Inventory Balance - Periodic LIFO LIFO LIFO: Cost of Goods Available for Sale -LIFO Cost of # of Cost per Goods units unit Available for Sale # of Cost per unit Cost of units sold # of units in ending inventory Cost per unit Ending Inventory 1 Goods Sold $ 0.00 0.00 S Beg. Inventory Purchases January 15 January 21 0.00 0.00 0.00 0.00 S 00S Total K Reg 3A and 3B
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