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  • Kane LTD Had A Beginning Inventory On January 1 of PDF

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    Miroslav Gegoski
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    Kane Ltd. began the year with 250 units of product SXL in inventory at a cost of $160 per unit. During the year it made additional purchases and used a periodic inventory system. By year-end it had 200 units remaining in inventory. The document provides information to calculate the cost of goods available, ending inventory value using FIFO and average cost methods, and cost of goods sold using each method.

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    Kane Ltd. began the year with 250 units of product SXL in inventory at a cost of $160 per unit. During the year it made additional purchases and used a periodic inventory system. By year-end it had 200 units remaining in inventory. The document provides information to calculate the cost of goods available, ending inventory value using FIFO and average cost methods, and cost of goods sold using each method.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    21 views1 page

    Kane LTD Had A Beginning Inventory On January 1 of PDF

    Uploaded by

    Miroslav Gegoski
    Kane Ltd. began the year with 250 units of product SXL in inventory at a cost of $160 per unit. During the year it made additional purchases and used a periodic inventory system. By year-end it had 200 units remaining in inventory. The document provides information to calculate the cost of goods available, ending inventory value using FIFO and average cost methods, and cost of goods sold using each method.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Kane Ltd had a beginning inventory on January 1 of #8605

    Kane Ltd had a beginning inventory on January 1 of

    Kane Ltd. had a beginning inventory on January 1 of 250 units of product SXL at a cost of $160
    per unit. During the year, purchases were as follows:

    Kane uses a periodic inventory system. At the end of the year, a physical inventory count
    determined that there were 200 units on hand.

    Instructions

    (a) Determine the cost of goods available for sale.

    (b) Determine the cost of the ending inventory and the cost of the goods sold using (1) FIFO
    and (2) average cost. (Use unrounded numbers in your calculation of the average unit cost but
    round to the nearest cent for presentation purposes in your answer.)

    Kane Ltd had a beginning inventory on January 1 of

    ANSWER
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