Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the company uses a periodic inventory system. assu

The company uses a periodic inventory system. Assume that a physical inventory count on December...

90.2K

Verified Solution

Question

Accounting

image

The company uses a periodic inventory system. Assume that a physical inventory count on December 31 indicates that 85 units are on hand For weighted-average calculations, round per unit costs to the nearest cent and all other amounts to the nearest dollar.) (A) Calculate the cost of ending inventory, and cost of goods sold for December, using each inventory costing method FIFO LIFO Weighted-average Ending inventory Cost of goods sold (B) Assume that total sales revenue for December was $24,000. Calculate gross profit for December using each inventory costing method FiFO Cost LIFO Cost Weighted-ae Data Table Gross profit Dec. 320 units@ S 82 each 2 30 units@ S 87 each 18 45 units 90 each Enter any number in the edit fields and then click Check Answer All parts showing CI Check

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!
Become a Member

Other questions asked by students