Question

Instructions (a) Compute ending inventory at September 30 using FIFO, LIFO, and movin (b) Compare ending inventory using a perpetual inventory system to endingveos g-average co using a periodic inventory system (from E6-4) (c) Which inventory cost flow method (FIFO, LIFO) gives the same ending inven value under both periodic and perpetual? Which method gives different ending in tory values? ven od to E6-18 Shereen Company reported the following information for November and December 2017. NovemberDecember $536,000 610,000 120,000 Cost of goods purchased Inventory, beginning-of-month Inventory, end-of-month Sales revenue 130,000 120,000 840,000 1,000,000 Shereen's ending inventory at December 31 was destroyed in a fire Instructions (a) Compute the gross profit rate for November (b) Using the gross profit rate for November, determine the estimated cost of inventory lost in the fire. n March 1.1F xam are ses *E6-19 The inventory of Hang Company was destroyed by fire o th $1 first 2 mon thod ination of the accounting records, the following data for the owances obtained: Sales Revenue $51,000, Sales Returns an Returns and Allowances $1,400