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Please help me compute the ending inventory and cost of goods sold under FIFO, assuming Seattle Company uses the periodic inventory system. Please check the
Please help me computethe ending inventory and cost of goods sold under FIFO, assuming Seattle Company uses the periodic inventory system. Please check the question I provided in the word doc.
On December 1, 2014, Seattle Company had the account balances shown below. Debits Cash Accounts Receivable Inventory (3,400 x $0.64) Equipment $6,980 3,880 2,176 20,800 Credits Accumulated DepreciationEquipment Accounts Payable Common Stock Retained Earnings $33,836 $1,330 2,860 21,900 7,746 $33,836 The following transactions occurred during December. Dec. Purchased 4,600 units of inventory on account at a cost of $0.74 per unit. 3 5 Sold 4,900 units of inventory on account for $0.89 per unit. (It sold 3,400 of the $0.64 units and 1,500 of the $0.74.) 7 Granted the December 5 customer $89 credit for 100 units of inventory returned costing $120. These units were returned to inventory. 17 Purchased 2,200 units of inventory for cash at $0.79 each. 22 Sold 2,000 units of inventory on account for $0.94 per unit. (It sold 2,000 of the $0.74 units.) Adjustment data: 1. Accrued salaries and wages payable $340. 2. Depreciation on equipment $110 per month. Compute ending inventory and cost of goods sold under FIFO, assuming Seattle Company uses the periodic inventory systemStep by Step Solution
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