Question
In: Accounting
HELLO, PLEASE ANSWER THE FOLLOWING QUESTION. IT WAS ASSIGNED WITH 2 PARTS. THANKS 42A) A company...
HELLO, PLEASE ANSWER THE FOLLOWING QUESTION. IT WAS ASSIGNED WITH 2 PARTS. THANKS
42A) A company uses the periodic inventory system and had the following activity during the current monthly period.
| November 1: | Beginning inventory | 112 Units @ $20 |
| November 5: | Purchased | 112 Units @ $22 |
| November 8: | Purchased | 62 Units @ $23 |
| November 16: | Sold | 174 Units @ $105 |
| November 19: | Purchased | 75 Units @ $25 |
Using the weighted-average inventory method, the company's ending inventory would be
42B. A company had the following purchases and sales during its first year of operations:
| Purchases | Sales | |
| January: | 14 units at $140 | 10 units |
| February: | 24 units at $145 | 7 units |
| May: | 19 units at $150 | 11 units |
| September: | 16 units at $155 | 10 units |
| November: | 14 units at $160 | 16 units |
On December 31, there were 33 units remaining in ending inventory. Using the Perpetual LIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)
Solutions
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