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Joe Poultry uses a periodic inventory system. Its beginning inventory on May 1 consisted of 300 units of Product A at a cost of $6.25 per unit. During May, the following purchases and sales were made. Purchases May 6-300 units at $7.20 May 14-400 units at $9.10 May 21-100 units at $11.50 May 28-500 units at $11.80 At the end of May they had an inventory of 400 units left. Instructions: Compute the ending inventory and cost of goods sold under (a) Average Cost, (b) FIFO, and (c) LIFO. Provide appropriate supporting calculations. 1. Average - Ending Inventory = $_ 2. FIFO - Ending Inventory = $_ 3. LIFO - Ending Inventory = $_ Attach File Browse Local Files ; Cost of Goods Sold = $_ Cost of Goods Sold = $_ Cost of Goods Sold = $_ Browse Content Collection

Joe Poultry uses a periodic inventory system. Its beginning inventory on May 1 consisted of 300 units of Product A at a cost of $6.25 per unit. During May, the following purchases and sales were made. Purchases May 6-300 units at $7.20 May 14-400 units at $9.10 May 21-100 units at $11.50 May 28-500 units at $11.80 At the end of May they had an inventory of 400 units left. Instructions: Compute the ending inventory and cost of goods sold under (a) Average Cost, (b) FIFO, and (c) LIFO. Provide appropriate supporting calculations. 1. Average - Ending Inventory = $_ 2. FIFO - Ending Inventory = $_ 3. LIFO - Ending Inventory = $_ Attach File Browse Local Files ; Cost of Goods Sold = $_ Cost of Goods Sold = $_ Cost of Goods Sold = $_ Browse Content Collection

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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Joe Poultry uses a periodic inventory system. Its beginning inventory on May 1 consisted of 300 units of Product A at a cost of $6.25 per unit. During May, the following purchases and sales were made. Purchases May 6-300 units at $7.20 May 14 - 400 units at $9.10 May 21 100 units at $11.50 May 28-500 units at $11.80 At the end of May they had an inventory of 400 units left. Instructions: Compute the ending inventory and cost of goods sold under (a) Average Cost, (b) FIFO, and (c) LIFO. Provide appropriate supporting calculations. 1. Average - Ending Inventory = $____; Cost of Goods Sold = $_ 2. FIFO - Ending Inventory = $_ ; Cost of Goods Sold = $_ 3. LIFO - Ending Inventory = $_ Cost of Goods Sold = $_ Attach File Browse Local Files Browse Content Collection
Transcribed Image Text:Joe Poultry uses a periodic inventory system. Its beginning inventory on May 1 consisted of 300 units of Product A at a cost of $6.25 per unit. During May, the following purchases and sales were made. Purchases May 6-300 units at $7.20 May 14 - 400 units at $9.10 May 21 100 units at $11.50 May 28-500 units at $11.80 At the end of May they had an inventory of 400 units left. Instructions: Compute the ending inventory and cost of goods sold under (a) Average Cost, (b) FIFO, and (c) LIFO. Provide appropriate supporting calculations. 1. Average - Ending Inventory = $____; Cost of Goods Sold = $_ 2. FIFO - Ending Inventory = $_ ; Cost of Goods Sold = $_ 3. LIFO - Ending Inventory = $_ Cost of Goods Sold = $_ Attach File Browse Local Files Browse Content Collection
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