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If you can show where you pull values from it would be very helpful, thank you. Wildcat Company tracks the number of units purchased and
If you can show where you pull values from it would be very helpful, thank you.
Wildcat Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the month. Units Unit Cost $ 2.00 310 Transactions Beginning inventory, January 1 Transactions during the month: Purchase, January 12 b. Sale, January 10 Purchase, January 26 d. Sale, January 17 2.50 360 (250) 80 (150) 3.50 How many total units are available for sale? How many units were sold? How many units are in ending inventory? Required: Compute cost of goods available for sale, ending inventory and cost of goods sold at January 31 for each of the following inventory costing methods. Then, complete the income statement and balance sheet items below. FIFO LIFO WEIGHTED AVERAGE Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold FIFO LIFO WEIGHTED AVERAGE Income Statement Sales Revenue $ 2,000 $ 2,000 $ 2,000 Cost of Goods Sold Gross Profit Operating Expenses 1,000 1,000 1,000 Income (loss) from operations Balance Sheet InventoryStep by Step Solution
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