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Category > Accounting Posted 06 Aug 2017 My Price 4.00

Funky Party Supplies

PR 6-4A  Periodic inventory by three methods

The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month period are shown in Problem    6-1A.

Instructions

1.     Determine the inventory on March 31, 2016, and the cost of goods sold for the three- month period, using the first-in, first-out method and the periodic inventory system.

2.     Determine the inventory on March 31, 2016, and the cost of goods sold for the three- month period, using the last-in, first-out method and the periodic inventory system.

 

3.     Determine the inventory on March 31, 2016, and the cost of goods sold for the three- month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent.

4.     Compare the gross profit and the March 31, 2016, inventories, using the following column headings:

 

 

 

sales

Cost of merchandise sold Gross profit

inventory, March 31, 2016

 

Answers

Maurice Tutor
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Status NEW Posted 06 Aug 2017 08:08 PM My Price 4.00

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