Libby Company Uses the Periodic Inventory System and Applied FIFO

question 62

Essay

Libby Company uses the periodic inventory system and applied FIFO inventory costing. At the end of the annual accounting period, December 31, 20X4, the accounting records for the best-selling item in inventory showed: $$\begin{array}{l}\begin{array} { | l | r | r | } \hline \text { Transaction } & \text { Units } & \text { Unit Cost } \\\hline \text { Beginning Inventory, Jan. 1, 20X4 } & 200 & \$ 11 \\\hline \text { 1. Purchase, Feb. 1 } & 400 & 12 \\\hline \text { 2. Sale, March 15, (sold at \$20 each) } & ( 300 ) & \\\hline \text { 3. Purchase, May 15 } & 350 &14 \\\hline \text { Sale, July 31 (sold at \$25 each) } & ( 500 ) & \\\hline\end{array}\\\\\text { Determine the following (show computations and round to the nearest dollar): }\\\\\begin{array} { | l | l | } \hline \text { Goods available for sale: } & \$\underline{\quad\quad} \\\hline \text { Ending inventory: } & \$\underline{\quad\quad} \\\hline \text { Cost of goods sold: } & \$\underline{\quad\quad} \\\hline\end{array}\end{array}$$

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Definitions:

Geometric Isomers

Molecules with the same formula and sequence of bonded atoms, but differing in the three-dimensional orientations of their atoms in space.

Structural Isomers

Molecules with the same molecular formula but different arrangements of atoms, resulting in different properties.

Valence Electrons

The electrons in the outermost shell of an atom, which determine the atom's chemical properties and its ability to form bonds.

Hydrogen Bonds

Weak bonds between a hydrogen atom in one molecule and an electronegative atom (often oxygen or nitrogen) in another, important in the structure of water and DNA.