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Text Provided below- same question- Belmont Company uses the periodic inventory system. At the end of the annual accounting period, December 31,...

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Text Provided below- same question-



 Belmont Company uses the periodic inventory system. At the end of the annual accounting period, December 31, 2017, the accounting records in inventory showed:

Transactions

Units

Unit Cost

Beginning inventory, Jan. 1, 2017

120

$5

Purchase, March. 15

370

 6

Purchase, July 31

200

 7

Sale, April 30 (sold at $12 each)

(210)

 

Sale, Sept. 15 (sold at $14 each)

(250)

 

 

Required:

Determine the amount of goods available for sale, the ending inventory, and cost of goods sold under each of the following methods assuming the periodic inventory system. (For average cost, round the average unit cost to three decimal places.) To receive partial credit, show calculations. 

 


Method

Ending

Inventory


Cost of Goods Sold

Goods Available

For Sale

a.

Average cost

 

 

 

b.

FIFO

 

 

 

c.

LIFO

 

 

  

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Top Answer

ending inv COGS Goods available avg... View the full answer

2 comments
  • Please upload picture of work. thank you
    • Deskmathcat
    • Apr 01, 2018 at 11:02am
  • the system do not allow to do so now.
    • ujjawal2610
    • Apr 01, 2018 at 11:06am

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