Question
Anabtawi Company uses the periodic inventory method and had the following inventory information available: ( 8 points) Date Explanation Number of Units Unit Cost Total
Anabtawi Company uses the periodic inventory method and had the following inventory information available: ( 8 points)
Date
Explanation
Number of Units
Unit Cost
Total Cost
January 1
Beginning inventory
100
$4
$400
January 20
Purchase
400
$5
$2,000
July 25
Purchase
300
$6
$1,800
October 20
Purchase
200
$7
$1,400
Total
1000
$5,600
A physical count of inventory on December 31 revealed that there were 300 units on hand.
Assume that the company uses the FIFO method. The Ending Inventoryamount is $
Answer 1
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Assume that the company uses the Average Cost method. The value of the Cost of Goods Sold on December 31 is $
Answer 2
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Assume that the company uses the Lifo method and the selling price of the unit was $10 what is the Gross profit $
Answer 3
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Assume that the company uses the LIFO method. The ending Inventory amount is $.
Step by Step Solution
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a Ending inventory under LIFO method 10042005 1400 b E...
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Accounting Texts and Cases
Authors: Robert Anthony, David Hawkins, Kenneth Merchant
13th edition
1259097129, 978-0073379593, 007337959X, 978-1259097126
