Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help with question a2 in the exact form it's in, the first time I asked this question, I was confused by their answer. Thank
Please help with question a2 in the exact form it's in, the first time I asked this question, I was confused by their answer. Thank you so much.
You have the following information for Concord Inc. Concord Inc. uses the periodic method of accounting for its inventory transactions. MarchMarchMarchMarchMarchMarch135102030Beginninginventory2,200litersatacostof804perliter.Purchased2,500litersatacostof84$perliter.Sold2,300litersfor$1.05perliter.Purchased4,000litersatacostof91$perliter.Purchased2,300litersatacostof99perliter.Sold5,000litersfor$1.25perliter. Calculate the value of ending imventory that would be reported on the balance sheet, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.50.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from beginning imventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,100 liters from March 20. (2) FIFO (3) LIFO Prepare partial income statements for 2022 through ross profit, undar each of the following cost flow assumptions. (Round answers to 2 decimal places, eg. 125.25 .) (1) Specificidentification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,200 liters from the March 3 purchase; and (2) FIFOStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started