Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During the month of September 2015, Emily Company had the following information regarding the buying and selling of its inventory. Sept. 1 Beginning inventory of

During the month of September 2015, Emily Company had the following information regarding the buying and selling of its inventory.

Sept. 1 Beginning inventory of 340 units @ $130 per unit.
8 Purchased 435 units @ $140 per unit.
12 Sold 260 units.
17 Sold 130 units.
23 Purchased 110 units @ $160 per unit.
25 Purchased 160 units @ $170 per unit.
30 Sold 110 units.

Compute the value of the ending inventory at the end of September under the LIFO periodic cost flow assumption. (Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.)
Date Number of Units Cost/Unit Total

Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30

$

$

Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30

$

Compute the value of the cost of goods sold at the end of September under the LIFO periodic cost flow assumption. (Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.)
Cost of Goods Sold =

Beginning InventoryGoods Available for SaleEnding Inventory

divide byplustimesminus

Goods Available for SaleEnding InventoryBeginning Inventory

= $

+/-x

$

= $

Compute the value of the cost of goods sold at the end of September under the FIFO perpetual cost flow assumption. (Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.)
Date Number of Units Cost/Unit Total

Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30

$

$

Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30

Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30

Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30

Cost of Goods Sold

$

Compute the value of the ending inventory at the end of September under the FIFO perpetual cost flow assumption. (Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.)
Date Number of Units Cost/Unit Total

Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30

Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30

Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30

$

$

Ending Inventory

$

Compute the value of the cost of goods sold at the end of September under the LIFO perpetual cost flow assumption. (Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.)
Date Number of Units Cost/Unit Total

Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30

$

$

Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30

Sept. 1Sept. 8Sept. 12Sept. 17Sept. 23Sept. 25Sept. 30

Cost of Goods Sold

$

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

The Audit Process Principles Practice And Cases

Authors: Iain Gray, Stuart Manson,

4th ISA Edition

1844806782, 9781844806782

More Books

Students also viewed these Accounting questions

Question

=+26.14. 1 Show that y has no point masses if 2(t) is integrable.

Answered: 1 week ago

Question

Distinguish between formal and informal reports.

Answered: 1 week ago