Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

P6-2A Kyoto Distribution markets CDs of the performing artist A. A. Bondy. At the begin. Determine cost of goods sold ning of Maych, Kyoto had

image text in transcribed
image text in transcribed
P6-2A Kyoto Distribution markets CDs of the performing artist A. A. Bondy. At the begin. Determine cost of goods sold ning of Maych, Kyoto had in beginning inventory 1,500 Bondy CDs with a unit cost of 57. During and inventory March Kyoto made the following purchases of Bondy CDs. FIFO, LIPO and ever -cost with analysis March 3,000 $8 March 214,000 $10 (SO 2, 3) March 135,500 @ $9 March 26 2,000 @ $11 During March 12,500 units were sold. Kyoto uses a periodic inventory system. Instructions (a) Determine the cost of goods available for sale. (b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed ( 2) Cost of goods sold: FIFO $109,000 cost flow methods (FIFO, LIFO, and average cost). Prove the accuracy of the cost of goods LIFO $119,500 sold under the FIFO and LIFO methods. Average $114,062 (c) Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? P6-3A Lu Company had a beginning inventory of 400 units of Product Ribo at a cost of $8 per unit. During the year, purchases were: Determine cost of goods sold and ending inventory using Feb. 20 600 units at $9 FIFO, LIFO, and average-cost Aug. 12 300 units at $11 with analysis May 5 500 units at $10 Dec. 8 200 units at $12 (SO 2, 3) Lu Company uses a periodic inventory system. Sales totaled 1,500 units. Instructions (a) Determine the cost of goods available for sale. (b) Determine (1) the ending inventory, and (2) the cost of goods sold under each of the as- (b) Cost of goods sold: sumed cost flow methods (FIFO, LIFO, and average). Prove the accuracy of the cost of FIFO $13.600 LIFO $15,200 goods sold under the FIFO and LIFO methods. Average $19,475 (c) Which cost flow method results in (1) the lowest inventory amount for the balance sheet, and (2) the lowest cost of goods sold for the income statement

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions