Using the following information, find the ending inventory, cost of goods sold,

Question

Using the following information, find the ending inventory, cost of goods sold, and gross profit.

Beck Inc. uses a periodic inventory system. At the end of the annual accounting period, December 31, 2015, the accounting records provided the following information for product 2: Units Unit Cost Inventory, December 31, 2014 For the year 2015: 6,600 4 Purchase, March 5 Purchase, September 19 Sale ($27 each) Sale ($29 each) Operating expenses (excluding income tax expense) 18,600 9,600 8,200 15,600 8 10 $496,000

Explanation / Answer

Compute Ending Inventory.

Ending Inventory (11000) Units Rate Value FIFO 9600 10 96000 1400 8 11200 107200 LIFO 6600 4 26400 4400 8 35200 61600

Related Questions

Navigate

• Browse (All)
• Browse U
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.