Jennings Company uses the periodic inventory system and applies FIFO inventory costing. At the end of the annual accounting period, December 31, 2016, the accounting records for the best selling item in inventory showed the following: Required:
Calculate the following:
1. Goods available for sale
2. Ending inventory
3. Cost of goods sold

Question

Jennings Company uses the periodic inventory system and applies FIFO inventory costing. At the end of the annual accounting period, December 31, 2016, the accounting records for the best selling item in inventory showed the following:  Required:
Calculate the following:
1. Goods available for sale
2. Ending inventory
3. Cost of goods sold

Quizplus · Accepted Answer

The Answer of Jennings Company uses the periodic inventory system and applies FIFO inventory costing. At the end of the annual accounting period, December 31, 2016, the accounting records for the best selling item in inventory showed the following:  Required:
Calculate the following:
1. Goods available for sale
2. Ending inventory
3. Cost of goods sold

Jennings Company Uses the Periodic Inventory System and Applies FIFO