Solution-Find cost of goods sold during the period

Find cost of goods sold during the period

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Reference no: EM132988486

Swifty Company just took its physical inventory. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $ 335,000. In reviewing the details of the count and related inventory transactions, you have discovered the following items had not been considered.

Swifty has sent inventory costing $ 26,000 on consignment to Alissa Company. All of this inventory was at Alissa's showrooms on December 31.
The company did not include in the count inventory (cost, $ 20,000) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31.
The company did not include in the count inventory (cost, $ 14,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31.

Problem 1: Compute the correct December 31 inventory.

The accounting records of Metlock Electronics show the following data.

Beginning inventory 2,000 units at$ 4

Purchases 8,000 units at$ 6

Sales 9,400 units at$ 10

Problem 2: Determine cost of goods sold during the period under a periodic inventory system using the FIFO method.

Reference no: EM132988486

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Find cost of goods sold during the period

Reference no: EM132988486

Reference no: EM132988486

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