Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Transactions Units Unit Cost Beginning inventory, January 1 450 $4.00 Transactions during the year: a. Purchase, January 30 350 3.90 b. Purchase, May 1 510 5.00 c. Sale ($6 each) (210) d. Sale ($6 each) (750)
Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Transactions Units Unit Cost Beginning inventory, January 1 450 $4.00 Transactions during the year: a. Purchase, January 30 350 3.90 b. Purchase, May 1 510 5.00 c. Sale ($6 each) (210) d. Sale ($6 each) (750)
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 6PA: Data on the physical inventory of Ashwood Products Company as of December 31 follow: Quantity and...
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Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following:
Transactions | Units | Unit Cost | |
Beginning inventory, January 1 | 450 | $4.00 | |
Transactions during the year: | |||
a. | Purchase, January 30 | 350 | 3.90 |
b. | Purchase, May 1 | 510 | 5.00 |
c. | Sale ($6 each) | (210) | |
d. | Sale ($6 each) | (750) | |
![a. Compute the amount of goods available for sale.
p. & c. Compute the amount of ending inventory and cost of goods sold at December 31, under Average cost, First-in, first-out, Last-in,
irst-out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected two-
ifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from
he remainder of the beginning inventory, with the balance from the purchase of May 1.
Complete this question by entering your answers in the tabs below.
Req A
Req B and C
Compute the amount of ending inventory and cost of goods sold at December 31 under Average cost, First-in, first-out, Last-
in, first-out, Specific identification of the inventory costing methods. For Specific identification, assume that the first sale was
selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second
sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. (Do not round
intermediate calculations. Round your answers to the nearest whole dollar amount.)
Show less A
First-In, First-
Out
Last-In, First-
Out
Specific
Identification
Average Cost
Ending inventory
Cost of goods sold](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F44b30f72-bdd6-4595-bbe4-bc63de335caa%2Fac3129a4-ae1c-4608-a93f-0203cecd5cb7%2F33fs64h_processed.png&w=3840&q=75)
Transcribed Image Text:a. Compute the amount of goods available for sale.
p. & c. Compute the amount of ending inventory and cost of goods sold at December 31, under Average cost, First-in, first-out, Last-in,
irst-out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected two-
ifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from
he remainder of the beginning inventory, with the balance from the purchase of May 1.
Complete this question by entering your answers in the tabs below.
Req A
Req B and C
Compute the amount of ending inventory and cost of goods sold at December 31 under Average cost, First-in, first-out, Last-
in, first-out, Specific identification of the inventory costing methods. For Specific identification, assume that the first sale was
selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second
sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. (Do not round
intermediate calculations. Round your answers to the nearest whole dollar amount.)
Show less A
First-In, First-
Out
Last-In, First-
Out
Specific
Identification
Average Cost
Ending inventory
Cost of goods sold
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