Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tree Seedlings has the following current-year purchases and sales for its only product. I figured it all out but part C, if you can format

Tree Seedlings has the following current-year purchases and sales for its only product. I figured it all out but part C, if you can format it like an accounting sheet that'd be really helpful. image text in transcribedimage text in transcribedimage text in transcribedcf

Date Activities Units Acquired at Cost Units Sold at Retail
Jan. 1 Beginning inventory 40 units @ $2 = $ 80
Jan. 3 Sales 30 units @ $8
Feb. 14 Purchase 70 units @ $3 = $ 210
Feb. 15 Sales 60 units @ $8
June 30 Purchase 90 units @ $4 = $ 360
Nov. 6 Sales 86 units @ $8
Nov. 19 Purchase 20 units @ $5 = $ 100
Totals 220 units $ 750 176 units

Required: The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method.

I figured it all out but part C, if you can format it like an accounting sheet that'd be really helpful.

- ***+ KX Www.www.ww ............ 10. Inventory Casting i SA Hulp Save & ENE Submit Check my wark 1 To. 228 units 3758 175 units Part 12 Required: The culpary uses en dit in verilery system, A. Interruine the costs assigned to finding Inventory and to cost of goods solo sing FIFO. b. Determine the costs assigned to ending invento y and to cost of goocs sold using LIFO. c. Curcule lile ulces proilor ec method. Complete this question by entering your answers in the tabs below. BY Recured & Required Recuirecc Determine the costs assigned to end ng inversory and to cost of goods sold uur.TU. Periodic Inventory System Ending Inventory Geoduli Cool $ 1968 551 Mc Graw Hill Prex Next - ***+ KX Www.www.ww ............ 10. Inventory Casting i SA Hulp Save & ENE Submit Check my wark 228 units 1 3758 175 units Part 12 Required: The cuirpury uses eludi inventory system. A. Interruine the costs assigned to finding Inventory and to cost of goods solo sing FIFO. b. Determine the costs assigned to ending invento y and to cost of goocs sold using LIFO. c. Curcule lile yioes profil rec method. Complete this question by entering your answers in the tabs below. PH Rele scurec Required Recuirecc Determine the costs signed to end ngin errory and to cost of goods sold using LLIO. Cost of Periodic inventory System Ending Inventory Goods Sold TIFO Co 3 A Mc Graw Hill Prex Next =+ KX Www.www.ww ............ 102 - Inventory Couting i SA Hulp Save & ENE Submit Check my wark NEWCH 1 11 Required information RELATNI MISS Y b. Determine the costs assigned to endir invento y and to cost of goods sold using LIFO. c. Corpule the gross profil Por eec method. Part 12 Complete this question by entering your answers in the tabs below. Psic Required Recure astu D Corpuse he gross profil for vermeld. FIFO UFO GUES CHE

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Analytical Corporate Finance

Authors: Angelo Corelli

1st Edition

3319395483, 9783319395487

More Books

Students also viewed these Accounting questions

Question

=+a. Can the reader find the most important message?

Answered: 1 week ago