Question
Using the following 2 tables, answer the next four questions (Assuming Periodic Method). Table of Inventory Purchases Date Units Unit Cost Total cost Beginning Inventory
Using the following 2 tables, answer the next four questions (Assuming Periodic Method).
Table of Inventory Purchases
Date Units Unit Cost Total cost
Beginning Inventory 10 $3 $30
February 3 5 4 20
April 10 15 5 75
June 12 12 7 84
August 20 20 8 160
Total 62 units 369 Total Cost
Sales
Date Units Identified Units Price Total
March 5 February 5 $6 $30
May 2 April 10 6 60
July 4 June 2 10 20
September 1 June 8 10 80
25Units $190Total
Determine the cost of ending inventory under the specific identification method.
a. $190 c. $160 b. $229 d. $369
Determine the FIFO cost of ending inventory.
a. $179 c. $269 b. $190 d. $369
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Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupni
13th edition
978-1259444951
