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Hello I need help with this question I'm on a time crunch. I've attached an image of what the requirements are to answer the question.
Hello I need help with this question I'm on a time crunch. I've attached an image of what the requirements are to answer the question. I would appreciate if anyone can help.
Problem #3 1) Hudson Inc. uses the perpetual inventory system. There were 6,000 units of the item on hand at the end of the month. The following units of an item were available for sale during the month: Jan1 Beg. Inventory 3,000 units at $20 /unit Jan5 Sale 2,500 units Jan 12 Purchase 6,000 units at $24 [ unit Jan 18 Sale 3,500 units Jan 25 Purchase 3,000 units at $25 /unit a) What is the cost of the ending inventory on the Balance Sheet and the Cost of Merchandise Sold on the Income Statement if the company is using the LIFO Inventory System? Merchandise Inventory = CMS = b) What is the cost of the ending inventory on the Balance Sheet and the Cost of Merchandise Sold on the Income Statement if the company is using the FIFO Inventory System? Merchandise Inventory = CMS = c) Whatisthe cost of the ending inventory on the Balance Sheet and the Cost of Merchandise Sold on the Income Statement if the company is using the Weighted-Average Inventory System? Merchandise Inventory = CMS = 2) If Hudson Inc. had chosen the Periodic System instead, what would the cost on the Balance sheet have been? Jan1 Beg. Inventory 3,000 units at 520 /unit Jan 12 Purchase 6,000 units at $24 [ unit Jan 25 Purchase 3,000 units at $25 /unit Ending Inventory = 6,000 units a) What is the cost of the ending inventory on the Balance Sheet and the Cost of Merchandise Sold on the Income Statement if the company is using the LIFO Inventory System? Merchandise Inventory = CMS = b) What is the cost of the ending inventory on the Balance Sheet and the Cost of Merchandise Sold on the Income Statement if the company is using the FIFO Inventory System? Merchandise Inventory = CMS = ) Whatis the cost of the ending inventory on the Balance Sheet and the Cost of Merchandise Sold on the Income Statement if the company is using the Weighted-Average Inventory System? Merchandise Inventory = CMS =Step by Step Solution
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