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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535 Exercise 46
Periodic inventory by three methods
The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A.
Instructions
1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.
2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system.
3. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. (Round the weighted average unit cost to the nearest cent.)
4. Compare the gross profit and the March 31 inventories, using the following column headings:
The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A.
Instructions
1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system.
2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system.
3. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. (Round the weighted average unit cost to the nearest cent.)
4. Compare the gross profit and the March 31 inventories, using the following column headings:
Explanation
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Periodic Inventory System
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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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