Flora's Gifts reported the following current-month data for its only product. The company uses a...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 100 units-70 units from the January 6 purchase and 30 units from the January 25 purchase. Beginning Jan. 1 inventory Jan. 6 Purchase Jan. 17 Purchase @ 240 units $5.00 = $1,200.00 @ 410 units = 1,886.00 $4.60 @ 640 units = 2,752.00 $4.30 42 units 168.00 $4.00 1,332 units $6,006.00 Jan. 25 Purchase Totals Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to nearest whole dollar.) Ending Cost of Inventory Goods Sold Specific (a) identification Weighted (b) average (C) FIFO (d) LIFO Which method yields the lowest net income? FIFO
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
