Question

In: Accounting

The following units of an item were available for sale during the year: Beginning inventory 47...

The following units of an item were available for sale during the year:

Beginning inventory 47 units at $41
Sale 24 units at $57
First purchase 17 units at $43
Sale 18 units at $58
Second purchase 19 units at $46
Sale 6 units at $58

The firm uses the perpetual inventory system, and there are 35 units of the item on hand at the end of the year.

a. What is the total cost of the ending inventory according to FIFO?

b. What is the total cost of the ending inventory according to LIFO?

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

The following units of an inventory item were available for sale during the year: Beginning inventory...
The following units of an inventory item were available for sale during the year: Beginning inventory 7 units at $52 First purchase 15 units at $54 Second purchase 28 units at $55 T hird purchase 16 units at $57 The firm uses the periodic inventory system. During the year, 26 units of the item were sold. The value of ending inventory rounded to the nearest dollar using average cost is (Round average cost per unit to three decimal place.) a.$1,462...
The following units of an item were available for sale during the year: Beginning inventory 23...
The following units of an item were available for sale during the year: Beginning inventory 23 units at $40 Sale 20 units at $60 First purchase 20 units at $41 Sale 5 units at $60 Second purchase 26 units at $43 Sale 18 units at $62 The firm uses the perpetual inventory system, and there are 26 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according...
The following units of an item were available for sale during the year: Beginning inventory 20...
The following units of an item were available for sale during the year: Beginning inventory 20 units @ $44 Sale 12 units @ $68 First purchase 29 units @ $46 Sale 23 units @ $69 Second purchase 23 units @ $49 Sale 15 units @ $70 The firm uses the perpetual inventory system, and there are 22 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according...
The following units of an item were available for sale during the year: Beginning inventory 7,200...
The following units of an item were available for sale during the year: Beginning inventory 7,200 units at $160 Sale 4,800 units at $300 First purchase 16,000 units at $168 Sale 12,000 units at $300 Second purchase 15,000 units at $176 Sale 11,000 units at $300 The firm uses the perpetual inventory system, and there are 10,400 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to...
The following units of an item were available for sale during the year: Beginning inventory 21,600...
The following units of an item were available for sale during the year: Beginning inventory 21,600 units at $20.00 Sale 14,400 units at $40.00 First purchase 48,000 units at $25.20 Sale 36,000 units at $40.00 Second purchase 45,000 units at $26.40 Sale 33,000 units at $40.00 The firm uses the perpetual inventory system, and there are 31,200 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to...
The following units of an item were available for sale during the year: Beginning Invetory 3,600...
The following units of an item were available for sale during the year: Beginning Invetory 3,600 units at $4.00 Sale 2,400 units at $8.00 First Purchase 8,000 units at $4.20 Sale 6,000 units at $8.00 Second Purchase 7,500 units at $4.40 Sale 5,500 units at $8.00 the firm uses the perpetual invetory system, and there are 5,200 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to...
Inventory by Three Methods The units of an item available for sale during the year were...
Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan.1   Inventory 27 units at $400 Feb. 19   Purchase 54 units at $460 June 8   Purchase 63 units at $520 Oct. 7   Purchase 56 units at $550 There are 45 units of the item in the physical inventory at December 31. Determine the cost of ending inventory using (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average...
Inventory by Three Methods The units of an item available for sale during the year were...
Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan.1   Inventory 25 units at $400 per unit Feb. 19   Purchase 56 units at $460 per unit June 8   Purchase 60 units at $540 per unit Oct. 7   Purchase 56 units at $550 per unit There are 47 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost under each of...
Inventory by Three Methods The units of an item available for sale during the year were...
Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan.1   Inventory 7 units @ $24 per unit Feb. 17   Purchase 19 units @ $25 per unit Jul. 21   Purchase 19 units @ $28 per unit Nov. 23   Purchase 9 units @ $29 per unit There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost under each of...
Inventory by Three Methods The units of an item available for sale during the year were...
Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan.1 Inventory 27 units at $400 Feb. 19 Purchase 54 units at $460 June 8 Purchase 63 units at $520 Oct. 7 Purchase 56 units at $550 There are 45 units of the item in the physical inventory at December 31. Determine the cost of ending inventory using (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT