Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help with last two asap please 10A. Read Books has the following transactions in August related to merchandise inventory Click the icon to view

image text in transcribed

need help with last two asap please

10A. Read Books has the following transactions in August related to merchandise inventory Click the icon to view the transactions.) Read the couremente 2., , and c. Determine the cost of goods sold and ending merchandise inventory using the (a) FIFO ierilory cooling method, (D) LIFO invertory cosing method, and (c/ weighted-average inventory coeling method assuming Read Books uses the periodic inventory syeter. (Round weighted average cost per unit to the nearest cent and all ather amounts to the nearest dallar.) I. A. FIFD LIFO X 5 254 234 s 272 Requirements Begimning merchandise inventory Flus: Nat cost of purchases Cost of goods avaiable for sale Less Ending merchandise inventory Cast of goods sold Weighted Average 234 $ 272 272 506 506 (109) 506 (140) () 336 S $ 398 a. Determine the cost of goods sold and ending merchandise inventary using the FIFO inventory coating method esaurning Read Books uses the periodic inventory systein b. Determine the cut of youus sulu anu criding merchandise inventory using the LIFO Inventory coating method assuming Head Books uses the periode inventory syslain c. Determine the coet of goods sold and encing merchandise inventory using the weighted average inventary cosing method assuming Read Banks uses the periodic inventory system. - X More info Aug. 1 Aug. 3 Print Done Aug. 12 Aug. 15 Aug. 20 Aug. 28 Baginning merchandise Inventory, 13 books S19 each Sold 4 banks $21 noch Purchased 10 books@ $22 each Sold 10 books S21 each Purchased 2 books S26 each Sold 5 bocks $25 each Print Done Etext pages Calculator Ask my instructor Clear all Final check

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

Cost Accounting Foundations And Evolutions

Authors: Michael R. Kinney, Jenice Prather-Kinsey, Cecily A. Raiborn

6th Edition

0324235011, 978-0324235012

More Books

Students also viewed these Accounting questions