nethod at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following nformation at the end of the annual accounting period, December 31. Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($12 each) c. Purchase, May 1 d. Sale, August 31 ($12 each) Units 1,800 Unit Cost $ 6.00 3,000 (1,300) 8.00 1,200 (2,200) 10.00 Required: . Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31, under each of the ollowing inventory costing methods. For Specific identification, assuming that the March 14, sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31, was selected from the emainder of the beginning inventory, with the balance from the purchase of May 1. (Do not round Weighted average cost per unit. Round your final answers to the nearest dollar amount.)

nethod at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following nformation at the end of the annual accounting period, December 31. Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($12 each) c. Purchase, May 1 d. Sale, August 31 ($12 each) Units 1,800 Unit Cost $ 6.00 3,000 (1,300) 8.00 1,200 (2,200) 10.00 Required: . Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31, under each of the ollowing inventory costing methods. For Specific identification, assuming that the March 14, sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31, was selected from the emainder of the beginning inventory, with the balance from the purchase of May 1. (Do not round Weighted average cost per unit. Round your final answers to the nearest dollar amount.)

Name: Gladstone Limited tracks the number of units purchased and sold throu
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Description: Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies its inventory costingmethod at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided th

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 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...

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