Business, 13.10.2020 03:01 Hardydonotmess1

Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, 2015, the accounting records for the most popular item in inventory showed the following;Transactions Units Unit CostBeginning Inventory Jan 1, 2015 400 $3.00Transactions during 2015:a) Purchase, Jan 30 300 $3.40b) Purchase, May 1 460 $4.00c) Sale ($5 each) (160)d) Sale ($5 each) (700)Compute the amount of goods available for sale. Goods available for sale Compute the amount of ending inventory and cost of goods sold at December 31 under Average cost, First-in, first-out, Last-in, first-out, Specific identification of the inventory costing methods. For Specific identification, assume that the first sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)Average Cost First-In, First Out Last-In, First-Out Specific IdentificationEnding Inventory Cost of goods sold

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Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, D...

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