Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Class I (BGCS) has a December 31 BG Computer Supply (BGCS) has a and reports inventory on a LIFO basis. As of December 31, 2012,

image text in transcribed
Class I (BGCS) has a December 31 BG Computer Supply (BGCS) has a and reports inventory on a LIFO basis. As of December 31, 2012, BGCS fiscal year-end. The company tracks inventory on a FIFO basis inventory diber 31, 2012, BGCS had 300 units in inventory. The 2012 Inventory at FIFO Less: LIFO Reserve Inventory at LIFO $24,000 During 2013, BGCS had the followingurh O $ 18,000 Purchases Table Units Value nTotal $31,500 Purchase 1-2/1/13 Purchase 2-6/11/13 Purchase 3-9/12713900 350 590.00 $100.00 $105.00 $90,000 1,200 $126,000 450 | SI0.00 Purchase 4-12/14/13 S49.500 A physical count on December 31, 2013 indicated that BGCS had 500 units in ending in information, calculate the following amounts for Based on this fiscal year 2013: FIFO Amounts Fiscal Year 2013 Sales (in units): Goods Available for Sale (units): FIFO Ending Inventory (S): Goods Available for Sale (S) FIFO Cost of Goods Sold (S) LIFO Amounts Fiscal Year 2013 Sales (in units): Goods Available for Sale (units): Goods Available for Sale (S): LIFO Cont of Goods Sald S: LIFO Ending Inventory (S): LIFO Reserve at 12/31/13 Inventory Profit at 12/31/13:_

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

Guide To The Study Of Auditing 1914

Authors: Samuel F. Racine

1st Edition

0266614493, 978-0266614494

More Books

Students also viewed these Accounting questions

Question

Identify three ways to manage an intergenerational workforce.

Answered: 1 week ago

Question

Prepare a Porters Five Forces analysis.

Answered: 1 week ago

Question

Analyze the impact of mergers and acquisitions on employees.

Answered: 1 week ago