Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Boyce Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2 were as follows: Units Unit Price Total Cost October 1, 20.1

image text in transcribed
image text in transcribed
Boyce Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2 were as follows: Units Unit Price Total Cost October 1, 20.1 Beginning inventory 400 $15.00 $6,000 October 18 1st purchase 300 16.50 4,950 November 25 2nd purchase 600 17.00 10,200 January 12, 20-2 3rd purchase 700 17 25 12,075 March 17 4th purchase 800 18.00 14 400 June 2 5th purchase 400 19.00 7,600 August 21 6th purchase 300 21.00 6,300 September 27 7th purchase 500 21.75 10,875 4,000 $72,400 Instructions Use the following information for the specific identification method. There are 900 units of inventory on hand on September 30, 20-2. Of these 900 units 50 are from October 18, 20-1 300 are from January 12, 20-2 100 are from March 17 1st purchase 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase 200 are from June 2 50 are from August 21 200 are from September 27 Required: Calculate the total amount to be assigned to the cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on September 30, 20-2, under each of the following periodic inventory methods: 1 FIFO 2 LIFO 3. Woighted average (round calculations to two decimal places) 4. Specific identification

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

example of a projet proposal

Answered: 1 week ago