Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During June, the following changes in inventory took place: Date # of Units Price per unit June 1 Balance 1,200 100 June 4 Sold -720

During June, the following changes in inventory took place: Date # of Units Price per unit June 1 Balance 1,200 100 June 4 Sold -720 160 June 8 Sold -360 170 June 12 Purchased 600 110 June 23 Purchased 500 120 June 28 Sold -540 136 Assume Periodic Inventory System. Calculate the following amounts: Goods available for sale ($) Units of ending inventory FIFO Weighted Average Cost of Goods Sold for June ($) Ending Inventory on June 30 ($) The controller of Cho Ltd. has provided you with the following information relating to its inventory: Date Cost 20201231 20211231 $475,000 $524,400 Lower of cost and NRV $437,000 $494,000 Cho uses the perpetual inventory system and the direct method to adjust the value of the inventory to the lower of cost and NRV Prepare the necessary journal entries for Cho on the following dates: There are more yellow boxes given than necessary for the J/E. Leave blank the boxes that you do not need. If there is no J/E needed, leave the boxes b Dec 31, 2020 Dec 31, 2021image text in transcribedimage text in transcribed

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

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

Recommended Textbook for

Managerial Accounting

Authors: Susan V Crosson, Belverd E Needles

9th Edition

0538742801, 9780538742801

More Books

Students also viewed these Accounting questions