Contemporary Electronic Center began October with 90 units of merchandise inventory that cost $60 each. During October, the store made the following purchases: (Click the icon to view the purchases.) Contemporaryuses the periodic inventory system, and the physical count at October31 indicates that 140units of merchandise inventory are on hand. Read the requirements. Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the October financial statements using the FIFO, LIFO, and weighted-average inventory costing methods. Ending inventory Cost of goods sold FIFO 11,880 9,400 LIFO Weighted-average 9,400 10,640 11,880 10,640 Requirement 2. Sales revenue for October totaled $27,000. Compute Contemporary's gross profit for October using each method. Gross profit FIFO Cost LIFO Cost Data table Weighted-average Oct. 3 60 units @ $80 each Oct. 12 70 units @ $82 each Oct. 18 60 units @ $89 each Print Done

Contemporary Electronic Center began October with 90 units of merchandise inventory that cost $60 each. During October, the store made the following purchases: (Click the icon to view the purchases.) Contemporaryuses the periodic inventory system, and the physical count at October31 indicates that 140units of merchandise inventory are on hand. Read the requirements. Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the October financial statements using the FIFO, LIFO, and weighted-average inventory costing methods. Ending inventory Cost of goods sold FIFO 11,880 9,400 LIFO Weighted-average 9,400 10,640 11,880 10,640 Requirement 2. Sales revenue for October totaled $27,000. Compute Contemporary's gross profit for October using each method. Gross profit FIFO Cost LIFO Cost Data table Weighted-average Oct. 3 60 units @ $80 each Oct. 12 70 units @ $82 each Oct. 18 60 units @ $89 each Print Done

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4CP: Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and...

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