The following data concerns inventory and purchases at Hinojosa Company. INSTRUCTIONS Determine the cost of the ending
Question:
The following data concerns inventory and purchases at Hinojosa Company.
INSTRUCTIONS
Determine the cost of the ending inventory on January 31 under each of the following methods:
(a) Average cost method;
(b) First-in, first-out (FIFO) method;
(c) Last-in, first-out (LIFO) method. When using the average cost method, compute the unit cost to two decimal places.
Analyze: Which inventory valuation method resulted in the highest dollar amount for ending inventory?
Transcribed Image Text:
Inventory, January 1 Purchases: January 6 January 15 January 22 Inventory, January 31 100 units at $113 70 units at $112 54 units at $113 44 units at $106 100 units
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
a b c Analyze The inventory valuation resulting in the highest dollar ...View the full answer
Answered By
Muhammad Ahtsham Shabbir
I am a professional freelance writer with more than 7 years’ experience in academic writing. I have a Bachelor`s Degree in Commerce and Master's Degree in Computer Science. I can provide my services in various subjects.
I have professional excellent skills in Microsoft ® Office packages such as Microsoft ® Word, Microsoft ® Excel, and Microsoft ® PowerPoint. Moreover, I have excellent research skills and outstanding analytical and critical thinking skills; a combination that I apply in every paper I handle.
I am conversant with the various citation styles, among them; APA, MLA, Chicago, Havard, and AMA. I also strive to deliver the best to my clients and in a timely manner.My work is always 100% original. I honestly understand the concern of plagiarism and its consequences. As such, I ensure that I check the assignment for any plagiarism before submission.
4.80+
392+ Reviews
587+ Question Solved
Related Book For
College Accounting Chapters 1-30
ISBN: 9781260247909
16th Edition
Authors: David Haddock, John Price, Michael Farina
Question Posted:
Students also viewed these Business questions
-
The following data concerns inventory and purchases at Drake Company: Inventory, January 1_______________100 units at $113 Purchases: January 6.....................................70 units at $112...
-
The following data concerns inventory and purchases at Muse Company: Inventory, January 1 .........................200 units at $113 Purchases: January 6 ..........................................140...
-
The following data concerns inventory at Joshuas Boat & Bike Shop: INSTRUCTIONS Determine the amount that the company should report as the inventory valuation at cost or net realizable value,...
-
Charles has a savings account with a balance, today, of 100,000 SAR in his investment account. He expects to obtain a yearly return of 12% in his investments. How long will it take for Charles to...
-
Consult Paragraphs 13-21 of PCAOB Auditing Standard No. 15. What is meant by a restructuring reserve? As an auditor, what type of evidence would you want to examine to determine whether a company was...
-
A sample of ammonia, NH 3 , contains 1.2 10 23 hydrogen atoms. How many NH 3 molecules are in this sample?
-
The experimental Nyquist circle of a structure is shown in Fig. 10.47. Estimate the modal damping ratio corresponding to this circle. -1.25 -1.25 2.5 r=1 u 1.25 FIGURE 10.47 Experimental Nyquist...
-
The records of Hollywood Company reflected the following balances in the stockholders equity accounts at December 31, 2010: Common stock , par $12 per share, 30,000 shares outstanding Preferred...
-
a) Take a P.i.B wavefuntion for an electron in an 8 nm long 1D box and consider dividing the entire length of the box in 8 equal segments of 1 nm each. Calculate the ratio of theprobability of...
-
During the current year, Wilma, a single individual, makes the following transfers: Fair Market Value Cash to her sister $23,000 Cash to St. Annes Church 30,000 Cash to the Republican Party 15,000...
-
You are compiling the consolidated financial statements for Winsor Corporation International. The corporations accountant, Anthony Reese, has provided you with the segment information shown below....
-
Information about Spiceland Companys inventory of one item follows. Compute the cost of the ending inventory under (1) The average cost method (round unit cost to the nearest cent), (2) The FIFO...
-
(A) Explain why a provision may be made for doubtful debts. (B) Explain the procedure to be followed when a customer whose debt has been written off as bad subsequently pays the amount originally...
-
Cash Accounts Payable $ 3 8 , 4 0 0 $ 1 7 , 6 0 0 Inventory 3 9 , 3 6 0 Interest Payable 3 2 0 Prepaid Insurance 7 . 6 8 0 Notes Payable 6 4 . 0 0 0 Equipment 4 8 , 6 4 0 Owner's Capital 5 2 , 1 6 0...
-
Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total liabilities Common stock Retained earnings Dividends Sales Debit $ 41,000 Credit 130,400 $ 25,000 10,000...
-
2. You are the owner of a small business where you sell handmade face masks. When the pandemic started you were able to purchase materials cheaper, but as demand increased for masks the cost of...
-
If a company's total warehousing cost for the year amounts to $950,000, and 25% of the warehousing activity is associated with storing finished goods after they are produced and 75% with storing...
-
2021 2020 Cash 25 30 Accounts Receivable, Net 65 60 Inventory 50 40 Property, Plant and Equipment, net 140 155 Total Assets 280 285 Accounts Payable 50 60 Mortgage Payable 100 110 Common Stock, par...
-
Initial-Value Problems A 16-lb object is attached to the ceiling by a frictionless spring and stretches the spring 6 in. before coming to its equilibrium position. Formulate the initial-value problem...
-
On October 1, 2021, Adoll Company acquired 2,600 shares of its $1 par value stock for $38 per share and held these shares in treasury. On March 1, 2023, Adoll resold all the treasury shares for $34...
-
The following transactions took place at Confidential Counseling Services, a business established by Gloria Williams. INSTRUCTIONS For each transaction, set up T accounts from this list: Cash; Office...
-
The following occurred during June at Youngs Professional Counseling. INSTRUCTIONS Analyze each transaction. Use T accounts to record these transactions and be sure to put the name of the account on...
-
The following accounts and transactions are for Horace Brock, Landscape Consultant. INSTRUCTIONS Analyze the transactions. Record each in the appropriate T accounts. Use plus and minus signs in front...
-
Analyze the following problems in JMP and answer the questions below: GPA Hours TV 3.24 19 3.1 21 3.24 18 2.61 30 3.03 23 3.37 10 1.6 36 3.2 10 2.96 13 2.18 31 2.5 33 2.95 4 2.72 25 3.05 21 3.45 8...
-
Leadership in a Multicultural Tech Company Company: Tech Vista Innovations Inc. Industry: Information Technology Background: Tech Vista Innovations is a fast-growing global tech company that...
-
Define the following terms: capital goods, consumer goods and services, consumption, demand, distribution, economic goods, economic resources, economic services, economic need, economy, elastic...
Study smarter with the SolutionInn App