Unit Cost $ 3.00 Transactions Inventory, January 1 Sale, January 10 Purchase, January 12 Sale, January 17 Purchase, January 26 Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following inventory costing methods: a. Weighted average cost. b. First-in, first-out. c. Last-in, first-out. d. Specific identification, assuming that the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase. 3.50 Units Total Cost 190 $570 (160) 240 (140) 70 4.50 840 315

Unit Cost $ 3.00 Transactions Inventory, January 1 Sale, January 10 Purchase, January 12 Sale, January 17 Purchase, January 26 Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following inventory costing methods: a. Weighted average cost. b. First-in, first-out. c. Last-in, first-out. d. Specific identification, assuming that the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase. 3.50 Units Total Cost 190 $570 (160) 240 (140) 70 4.50 840 315

Name: Rey PB7-1 (Algo) Analyzing the Effects of Four Alternative Inventory M
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Description: Rey PB7-1 (Algo) Analyzing the Effects of Four Alternative Inventory Methods in a Periodic InventorySystem [LO 7-3]Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventorycosting method

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...

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