jefferson company had the following sales and purchases during 2006 its first year o 538769
Calculate cost of goods sold and ending inventory and analyze effect of each method on financial statements (.L O 3,4)
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jefferson company had the following sales and purchases during 2006 its first year o 538769
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Jefferson Company had the following sales and purchases during 2006, its first year of business.
|
January5 |
Purchased4 0 units at $.100e ach |
|
February 15 |
Sold 15 units at $150 each |
|
April 10 |
Sold 10 units at $150 each |
|
June3 0 |
Purchased3 0 units at $105 each |
|
August 15 |
Sold 25 units at $150 each |
|
November2 8 |
Purchased3 0 units at $110 each |
Required
Calculate the ending inventory, the cost of goods sold, and the gross profit for the December 31, 2006. Financial statements under each of the following assumptions:
a. FIFO periodic
b. LIFO periodic
c. Weighted average cost Periodic
d. How will the differences between the methods affect the income statement and balance sheet for the Year?
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