PSC 8 - Name Date Problem Set Chapter 8(5 POINTS EACH...

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Name: __________________________ Date: _____________ Problem Set – Chapter 8 (5 POINTS EACH) Accounting 2303 Page 1
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1. FIFO and LIFO inventory methods. During June, the following changes in inventory item 27 took place: June 1 Balance 1,400 units @ $24 14 Purchased 800 units @ $36 24 Purchased 700 units @ $30 8 Sold 400 units @ $50 10 Sold 1,000 units @ $40 29 Sold 500 units @ $44 Perpetual inventories are maintained. Instructions
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2. (Sho w calcul ation s.) FIFO and LIFO periodic inventory methods. The Pine Shop shows the following data related to an item of inventory: Inventory, January 1 100 units @ $5.00 Purchase, January 9 300 units @ $5.40 Purchase, January 19 70 units @ $6.00 Inventory, January 31 120 units Instructions (a) What value should be assigned to the ending inventory using FIFO? (Show calculations.) (b) What value should be assigned to cost of goods sold using LIFO?
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3. Dollar-value LIFO method. Part A . Gant Company has a beginning inventory in year one of $300,000 and an ending inventory of $363,000. The price level has increased from 100 at the beginning of the year to 110 at the end of year one. Calculate the ending inventory under the dollar-value
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