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PLEASE FILL OUT ALL THE NUMBERS IN THE COST BOXES Scroll down to complete all parts of this task. Green Co. sells one product purchased
PLEASE FILL OUT ALL THE NUMBERS IN THE COST BOXES
Scroll down to complete all parts of this task. Green Co. sells one product purchased from various suppliers. Green records and reports inventory using the LIFO periodic method. It records cash discounts using the gross method. At the end of Year 20X6, Green estimated the following per unit amounts: Replacement cost $10.00 Net realizable value (NRV) 10.80 Normal profit margin 1.00 Historical cost - beginning inventory on 1/1/20X6 10.20 Green reports losses from write-downs of inventory to market directly in cost of goods sold. The inventory on January 1, 20X6, consisted of 8,000 units. The financial accounting department is doing a cost of goods sold analysis based on a partial trial balance and the available inventory purchase receipts. Determine the amount for each item in the cost of goods sold calculation at December 31, Year 20X6. Enter the appropriate amounts in the designated cells below. Enter all amounts as positive numbers. Item Cost 1. Beginning inventory 2. Purchases 122 3. Purchase discounts 123 4. Freight-in 1223 5. Goods available for sale 123 6. Ending inventory 123 7. Cost of goods sold 123 123
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