WebHanover uses a periodic inventory system. Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO. Question: Hanover Lighting had a beginning inventory of 15 units at a cost of $7 per unit on August 1 . During the month, the following purchases and sales were made. Hanover uses a periodic inventory system. WebSales 24,050 -Cost of Goods Sold (11,450) Gross Profit 12,600 Cost of Goods Sold + Ending Inventory = Cost of Goods Available for Sale 11,450 + 6,850 = 18,300 Weighted Average Cost, Periodic: Cost of Goods Sold - calculate for 950 units Ending Inventory - calculate for 650 units Unit s Cost Total Units Cost Total Average Cost = 11.4375 950 11.437 …
8.3 The Calculation of Cost of Goods Sold
WebPeriodic inventory by three methods The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: 1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. WebExpert Answer 80% (5 ratings) a) Periodic System Weighted Average Average cost per unit = $309,200 / 29000 = $10.66 Ending inventory = 6000 x $10.66 = $63,972 Cost of Goods … séville début mars
Periodic Inventory System: Definition and Example Indeed.com
WebA periodic Inventory System is defined as an inventory valuation method in which inventories are physically counted at the end of a specific period to determine the cost of goods sold. Ending Inventory The ending inventory … WebJul 25, 2024 · The periodic inventory system uses an occasional physical count to measure the level of inventory and the cost of goods sold. The perpetual system keeps track of … WebJul 17, 2024 · The calculation of its cost of goods sold is: $100,000 Beginning inventory + $170,000 Purchases - $80,000 Ending inventory = $190,000 Cost of goods sold Periodic … seville dance