posted Inventory slides SP 11

# posted Inventory slides SP 11 - • END inventory \$24,750 2...

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Page 6 B) EXAMPLE 3: COST FLOW EXERCISE Shown below is activity for one of the products of Illinois Office Equipment: Required: Compute the ending inventory and cost of goods sold assuming Illinois uses LIFO and a periodic inventory system.

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Page 6 B) EXAMPLE 3: COST FLOW EXERCISE Shown below is activity for one of the products of Illinois Office Equipment: Required: Compute the ending inventory and cost of goods sold assuming Illinois uses LIFO and a periodic inventory system. 1) BEG inventory 500 units +purchase 1500 units - Goods sold (1550 units) END inventory 450 units * \$55_____ END inventory \$24,750
Page 6 B) EXAMPLE 3: COST FLOW EXERCISE Shown below is activity for one of the products of Illinois Office Equipment: Required: Compute the ending inventory and cost of goods sold assuming Illinois uses LIFO and a periodic inventory system. 1) BEG inventory 500 units +purchase 1500 units - Goods sold (1550 units) END inventory 450 units * \$55_____

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Unformatted text preview: • END inventory \$24,750 2) Good sold 1,550 units \$63 * 1,000 units = \$63,000 \$60*500 units = \$30,000 \$55 * 50 units = \$2,750 COGS \$95,750 Inventory (Ch 8&9) Page 6 B) EXAMPLE 3: COST FLOW EXERCISE Shown below is activity for one of the products of Illinois Office Equipment: Required: Compute the ending inventory and cost of goods sold assuming Illinois uses LIFO and a periodic inventory system. Solution (alternatively): Inventory (Ch 8&9) Page 6 B) EXAMPLE 3: COST FLOW EXERCISE Shown below is activity for one of the products of Illinois Office Equipment: Required: Compute the ending inventory and cost of goods sold assuming Illinois uses LIFO and a perpetual inventory system. Inventory (Ch 8&9) Page 6 B) EXAMPLE 3: COST FLOW EXERCISE Shown below is activity for one of the products of Illinois Office Equipment: Required: Compute the ending inventory and cost of goods sold assuming Illinois uses LIFO and a perpetual inventory system. Solution:...
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## This note was uploaded on 02/22/2012 for the course ACCT 401 taught by Professor Winchel during the Spring '10 term at South Carolina.

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posted Inventory slides SP 11 - • END inventory \$24,750 2...

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