70.2K

Verified Solution

Link Copied!

Pronghorn Inc. is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information: Date Oct. 2 15 29 Units Purchases 14,000 Cost 8,400 $13 $109,200 Total 15 210,000 Cost of Goods Sold Units 21,400 [6] [8] Cost Total Units 8,400 [1] [3] Ending Inventory Cost $13 [2] [4] [7] [9] [10] [11] [12] Total $109,200 [5] [13] The company accountant has prepared the following partial statement of income to help management understand the financial statement impact of each cost determination cost formula S

Pronghorn Inc, is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information: The company accountant has prepared the following partial statement of income to help management understand the financial statement imnartef earhecet determination enet formuda The company accountant has prepared the following partial statement of income to help management understand the financial statement impact of each cost determination cost formula. Fill in the missing amounts in the perpetual inventory schedule, using the FIFO cost formula. (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be avallable when you complete the part above. (d) The parts of this question must be completed in order. This part will be available when you complete the part above

Answer & Explanation Solved by verified expert

See Answer