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Need help solving need help filling blanks for A and c Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Purchase,
Need help solving
need help filling blanks for A and c
Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Purchase, May 1 c. Sale (\$7 each) \begin{tabular}{cc} Units & Unit Cost \\ \hline 460 & $5.00 \\ 360 & 4.00 \\ 520 & 6.00 \\ (220) & \\ (760) & \\ \hline \end{tabular} Reauired: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period. December 31 , the accounting records for the most popular item in inventory showed the following: a. Compute the amount of goods available for sale. b. \& c. Compute the amount of ending inventory and cost of goods sold at December 31, under Average cost, First-in, first-out, Last-in. first-out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected twofifths from the beginning inventory and three-fifths from the purchase of January 30 . Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1 . Complete this question by entering your answers in the tabs below. Compute the amount of ending Inventory and cost of goods sold at December 31 under Average cost, First in, first-out, Last In, first-out, Spedfic identification of the inventory costing methods. For Specific identification, assume that the first sale was selected two-fifths from the bedinnina inventory and three-fifthis from the vurchase of Januarv 30 . Assume that the second Prev 8 of 8 Next Compute the amount of goods available for sale Step by Step Solution
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