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Homework Help [Accounting]

A photo of mikey12y mikey12y
Hey I have these two questions I left til the end to do for my accounting homework couldn't figure it out and my ADD is kicking in haha, so if anyone could please help me out.?

1.)Acme has the following information about its periodic inventory.
Units Unit Cost Total Cost
Beginning Inventory 120 $3.00 $ 360
Purchase 1 250 2.80 700
Purchase 2 500 2.50 1250
Purchase 3 450 2.20 990
Totals 1320 $3300

Acme's ending inventory consists of 50 units.

Calculate the costs to be assigned to the ending inventory and the costs of goods sold under:

a. weighted average cost basis

b. FIFO

c. LIFO


2.) Baker Company, which uses a periodic inventory system, miscounted its ending inventory in Year 1, causing it to be understated. The error was not detected. Using the symbols U, O, and NE to represent understated, overstated, and no effect

a.)Year 1 cost of goods sold

b.)Year 1 gross profit

c.)Year 1 ending owner's equity

d.)Year 2 cost of goods sold

e.)Year 2 net income
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4 replies
 
A photo of g93 g93
Check your inbox.
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A photo of gassergasser gassergasser
Ha this looks fun :compress: ! Can't wait to do it next year!
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A photo of thecookiemonster thecookiemonster
Wree your questions answered by g93, or do you still need answers for them? o_0
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A photo of mikey12y mikey12y
They were already answered haha thanks. But if you'd like to provide some input sure whatever.
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