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Question
The following company purchases and sells collectors' coin sets. The company uses the LIFO inventory costing method. In the first two sections of the table below, each coin set is identified by its letter and its cost. The third section indicates when coin sets were sold.
| Beginning Inventory | Purchases during Year | Sales during Year | ||||||
| A | $200 | B | January 5 | $202 | January 15 | 1 coin set | ||
| C | February 5 | $203 | May 15 | 1 coin set | ||||
| D | March 5 | $208 | June 15 | 1 coin set | ||||
| E | April 5 | $213 | September 15 | 1 coin set | ||||
| F | July 5 | $216 | October 15 | 1 coin set | ||||
| G | August 5 | $216 | ||||||
| H | November 5 | $223 | ||||||
Required:
For each inventory costing method given below, fill in the blanks to indicate the letter of the coin set which will be used to calculate either cost of goods sold or the cost of ending inventory.
Part a. Periodic Inventory System
Cost of Goods Sold = _____ + _____ + _____ + _____ + _____
Ending Inventory = _____ + _____ + _____
Part b. Perpetual Inventory System
Cost of Goods Sold = _____ + _____ + _____ + _____ + _____
Ending Inventory = _____ + _____ + _____
Answer
This answer is hidden. It contains 149 characters.
Related questions
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Q:
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D) When a company repays a loan, it reports a cash inflow from financing activities.
Q:
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Q:
Which of the following statements about straight-line depreciation is correct?
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Q:
Which of the following is not an amount that is needed to calculate straight-line depreciation?
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Q:
Which of the following statements most appropriately describes the purpose of depreciating a long-lived tangible asset?
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Under the cost principle, a company capitalizes:
A) all ordinary repair expenditures incurred in the use of an asset.
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Q:
The following information was summarized from the adjusted trial balance of Reliance Yacht Repair, Inc. as of September 30, 2015, the end of the companys fiscal year. Accounts Payable
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5,500 Prepaid Rent
500 Retained Earnings
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Part a. Prepare the closing entry for the company for the year ended September 30, 2015.
Part b. Draw a T-account for the Retained Earnings account. Enter the beginning balance into the T-account, post the closing entry, and then determine the ending balance.
Part c. Prepare a post-closing trial balance at September 30, 2015.
Q:
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Required:
Part a. Prepare the closing entries dated December 31, 2016.
Part b. Draw a T-account for the Retained Earnings account. Enter the beginning balance into the T-account, post the closing entries, and then determine the ending balance.