Walker Corporation Uses the Periodic Inventory Method and Had the Following

question 57

Essay

Walker Corporation uses the periodic inventory method and had the following inventory information available:
A physical count of inventory on December 31 revealed that there were 50 units on hand. Requirements:
Answer the following independent questions and show calculations supporting your answers.
1. Assume that the company uses FIFO. The value of the ending inventory at December 31 is
$________.
2. Assume that the company uses average cost. The value of the ending inventory on December 31 is
$________.
3. Assume that the company uses average cost. The value of cost of goods sold on December 31 is $
4. Assume that the company uses FIFO. The value of the cost of goods sold on December 31 is
$________.

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Definitions:

Business Plan

A detailed document outlining the strategy, goals, and operational plans for a business to follow for success.

Pro Forma

Pro forma refers to a method of calculating financial results to emphasize either current or projected figures, often used in accounting to present hypothetical conditions or adjustments.

Résumés

A document prepared by job applicants summarizing their work experience, education, achievements, and skills to present to potential employers.

Action Calendar

A tool or system used for scheduling tasks, goals, and actions to enhance personal or organizational productivity.