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P 7 - 2 ( Algo ) Analyzing the Effects of Four Alternative Inventory Methods LO 7 - 2 Kirtland Corporation uses a periodic inventory
PAlgo Analyzing the Effects of Four Alternative Inventory Methods LO
Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December the accounting
records for the most popular item in inventory showed the following:
Required:
a Compute the amount of goods available for sale.
b & c Compute the amount of ending inventory and cost of goods sold at December under Average cost, Firstin firstout, Lastin
firstout and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected two
fifths from the beginning inventory and threefifths from the purchase of January Assume that the second sale was selected from
the remainder of the beginning inventory, with the balance from the purchase of May
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Req
Req and
Compute the amount of goods available for sale.
Compute the amount of ending inventory and cost of goods sold at December under Average cost, Firstin firstout, Lastin firstout, Specific identification of the inventory costing methods. For Specific identification, assume that the first sale was selected twofifths from the beginning inventory and threefifths from the purchase of January Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May
Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.
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Average Cost FirstIn FirstOut LastIn FirstOut Specific Identification
Ending inventory
Cost of goods sold
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