Periodic Inventory System and Inventory Costing Methods Portia’s Parts Shop recorded the following purchases and sales during the past year:1…

Periodic Inventory System and Inventory Costing Methods

Portia’s Parts Shop recorded the following purchases and sales during the past year:

Jan.1 Beginning inventory 125 cases @ $23 $ 2,875

Feb.25 Purchase 100 cases @ $26 2,600

June 15 Purchase 200 cases @ $28 5,600

Oct.15 Purchase 150 cases @ $28 4,200

Dec.15 Purchase 140 cases @ $30 4,200

____________________________________________________

Goods available for sale 715 $19,475

Total sales 500 cases

Dec.31 Ending inventory 215 cases

Assume for the specific identification method that the company sold all of the June 15 purchase and 100 cases each from the January 1 beginning inventory, the October 15 purchase, and the December 15 purchase.

Determine the costs that should be assigned to ending inventory and cost of goods sold according to the periodic inventory method under each of the assumptions that follow.

Costs are assigned by the specific identification method.

Cost of goods sold:$  

Ending inventory:$  

Costs are assigned by the average-cost method. In your calculations round average unit cost to the nearest dollar and round your final answers to the nearest dollar.

Cost of goods sold:$  

Ending inventory:$  

Costs are assigned by the FIFO method. Round your answers to the nearest dollar.

Cost of goods sold:$  

Ending inventory:$  

Costs are assigned by the LIFO method. Round your answers to the nearest dollar.

Cost of goods sold:$  

Ending inventory:$

Show more

Calculate Your Essay Price
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more