P6.3A (LO 2) Financial Statement Sekhon Company had a beginning inventory on January 1 of 160units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made.Mar. 15 400 units at $23July 20 250 units at $241,000 units were sold. Sekhon Company uses a periodic inventory system.Instructionsa. Determine the cost of goods available for sale.b. Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed costflow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold underthe FIFO and LIFO methods.Sept. 4 330 units at $26Dec. 2 100 units at $29c. Which cost flow method results in (1) the highest inventory amount for the balance sheet, and(2) the highest cost of goods sold for the income statement?Determine cost of goods sold andending inventory, using FIFO, LIFO,and average-cost with analysis.b. (2) Cost of goods sold:FIFOLIFOAverage$23,340$24,840$24,097

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Description: P6.3A (LO 2) Financial Statement Sekhon Company had a beginning inventory on January 1 of 160units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made.Mar. 15 400 units at $23July 20 250 units at $241,000

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P6.3A (LO 2) Financial Statement Sekhon Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made. Mar. 15 400 units at $23 July 20 250 units at $24 1,000 units were sold. Sekhon Company uses a periodic inventory system. Instructions Sept. 4 Dec. 2 330 units at $26 100 units at $29

P6.3A (LO 2) Financial Statement Sekhon Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made. Mar. 15 400 units at $23 July 20 250 units at $24 1,000 units were sold. Sekhon Company uses a periodic inventory system. Instructions Sept. 4 Dec. 2 330 units at $26 100 units at $29

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 1PB: FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a...

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