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
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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_____
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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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posted Inventory slides SP 11 - END inventory $24,750 2)...

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