Question
In: Accounting
CHO Company was formed on December 1, 2009. The following information is available from Jones's inventory...
CHO Company was formed on December 1, 2009. The following information is available from Jones's inventory record for Product X.
Units Unit Cost
January 1, 2010 (beginning inventory) 1,600 $18.00
Purchases:
January 5, 2010 2,600 $20.00
January 25, 2010 2,400 $21.00
February 16, 2010 1,000 $22.00
March 15, 2010 1,800 $23.00
A physical inventory on March 31, 2010, shows 2,500 units on hand.
Prepare schedules to compute the ending inventory at March 31, 2010, using Weighted-average
Solutions
Expert Solution
| Particulars | Units | Cost per unit | Value | |||
| January 1, 2010 (beginning inventory) | 1600 | 18 | 28800 | |||
| Add: Purchases | ||||||
| Jan-05 | 2600 | 20 | 52000 | |||
| Jan-25 | 2400 | 21 | 50400 | |||
| Feb-16 | 1000 | 22 | 22000 | |||
| Mar-15 | 1800 | 23 | 41400 | |||
| Total | 9400 | 194600 | ||||
|
Using Weighted Average, Cost per unit : 194600 /9400 Cost per unit : $20.70. Its given that March 31.2010 : 2500 units on hand. Cost per unit : $ 20.70 Therefore Value of Inventory : 2500 X 20.70 : $51,750. |
ekkarill92 answered 2 years agoRelated Solutions
CHO Company was formed on December 1, 2009. The following information is available from Jones's inventory...
CHO Company was formed on December 1, 2009. The following
information is available from Jones's inventory record for Product
X.
Units Unit Cost
January 1, 2010 (beginning
inventory)
1,600 $18.00
Purchases:
January 5,
2010
2,600 $20.00
January 25,
2010
2,400 $21.00
February 16,
2010
1,000 $22.00
March 15,
2010
1,800 $23.00
A physical inventory on March 31, 2010, shows 2,500 units on
hand.
Prepare schedules to compute the ending inventory at
March 31,...
Ivanhoe Company was formed on December 1, 2016. The following information is available from Ivanhoe’s inventory...
Ivanhoe Company was formed on December 1, 2016. The following
information is available from Ivanhoe’s inventory records for
Product BAP.
Units
Unit Cost
January 1, 2017 (beginning inventory)
732
$ 8.00
Purchases:
January 5, 2017
1,464
9.00
January 25, 2017
1,586
10.00
February 16, 2017
976
11.00
March 26, 2017
732
12.00
A physical inventory on March 31, 2017, shows 1,952 units on
hand.
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Shamrock Company was formed on December 1, 2016. The following
information is available from Shamrock’s inventory records for
Product BAP. Units Unit Cost January 1, 2017 (beginning inventory)
726 $ 7.00 Purchases: January 5, 2017 1,452 8.00 January 25, 2017
1,573 9.00 February 16, 2017 968 10.00 March 26, 2017 726 11.00 A
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ACD Company was formed on December 1, 2018. The following information is available from ACD's inventory...
ACD Company was formed on December 1, 2018. The following
information is available from ACD's inventory record for Product
X.
Units Unit Cost
January 1, 2019 (beginning
inventory)
1,600
£18.00
Purchases:
January 5,
2019
2,600
£20.00
January 25,
2019
2,400
£21.00
February 16,
2019
1,000
£22.00
March 15,
2019
1,800
£23.00
A physical inventory on March 31, 2019, shows 2,500 units on
hand.
Instructions
Prepare schedules assuming the periodic method to compute the...
Riverbed Company was formed on December 1, 2016. The following information is available from Riverbed’s inventory...
Riverbed Company was formed on December 1, 2016. The following
information is available from Riverbed’s inventory records for
Product BAP.
Units
Unit Cost
January 1, 2017 (beginning inventory)
732
$ 8.00
Purchases:
January 5, 2017
1,464
9.00
January 25, 2017
1,586
10.00
February 16, 2017
976
11.00
March 26, 2017
732
12.00
A physical inventory on March 31, 2017, shows 1,952 units on
hand.
Prepare schedule to compute the ending inventory at March 31,
2017, under FIFO inventory method.
Units...
Sharon Lee Company was formed on December 1, 2019. The following information is available from Lee’s...
Sharon Lee Company was formed on December 1, 2019. The
following information is available from Lee’s inventory records for
Product BAP.
Units
Unit Cost
January 1, 2020 (beginning inventory)
1,440
$ 8
Purchases:
January 5, 2020
2,880
9
January 25, 2020
3,120
10
February 16, 2020
1,920
11
March 26, 2020
1,440
12
A physical inventory on March 31, 2020, shows 3,840 units on
hand.
(c2)
Compute the ending inventory at March 31, 2020, under
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Sarah Allen Company was formed on December 1, 2019. The following information is available from Allen’s...
Sarah Allen Company was formed on December 1, 2019. The
following information is available from Allen’s inventory records
for Product BAP.
Units
Unit Cost
January 1, 2020 (beginning inventory)
1,620
$ 8
Purchases:
January 5, 2020
3,240
9
January 25, 2020
3,510
10
February 16, 2020
2,160
11
March 26, 2020
1,620
12
A physical inventory on March 31, 2020, shows 4,320 units on
hand.
a. Prepare schedule to compute the ending inventory
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Frate Company was formed on December 1, 2015, and uses the periodic inventory system. The following information is available from Frate's inventory records for Product Ply:
Frate Company was formed on December 1, 2015, and uses the
periodic inventory system. The following information is available
from Frate's inventory records for Product Ply:UnitsUnit CostJanuary 1, 2016 (beginning inventory)3,600$10.00Purchases: January 6, 20164,30011.00 January 25, 20164,00011.50 February 17, 20163,40012.00 March 27, 20163,70012.50A physical inventory on March 31, 2016 shows 7,200 units on
hand.Required:For each method, enter your answers in chronological order.Prepare schedules to compute the ending inventory at March 31,
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The following information was available from the January inventory records of Rich Company:
The following information was available from the January
inventory records of Rich Company:
Units Unit
Cost Total Cost
Balance at January
1
800
$10.00
$8,000
Purchases:
January
6
600
11.00
6,600
January
26
800 12.00 9,600
Rich maintains a perpetual inventory system and
costs inventory using last-in, first-out (LIFO). Sales included:
900 units on Jan 7, and 600 units on Jan 31. All units sold for $20
each. Operating expenses were $500 for the month of January. Assume
a 40%...
The following information was available for Waterway Company at December 31, 2018: beginning inventory $107000; ending...
The following information was available for Waterway Company at
December 31, 2018: beginning inventory $107000; ending inventory
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days in inventory in 2018 was 3.6 days. 21.3 days. 6.4 days. 5.0
days.
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