O'Reilly logo

Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition by Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

*EXERCISE 6-7

Purpose: (L.O. 2, 7) This exercise will allow you to practice performing calculations to determine inventory cost under each of three cost flow methods, using both the periodic and the perpetual systems.

The Griggs Company is a multi-product firm. Presented below is information concerning one of their products, Infusion-39.

images

Instructions

Compute the cost of the ending inventory, assuming Griggs uses:

  • (a) Periodic system, FIFO cost method.
  • (b) Perpetual system, FIFO cost method.
  • (c) Periodic system, LIFO cost method.
  • (d) Perpetual system, LIFO cost method.
  • (e) Periodic system, average cost method.
  • (f) Perpetual system, moving-average cost method.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required