Numeric Company uses the periodic inventory method and had no beginning inventory. The company purchased 7...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Numeric Company uses the periodic inventory method and had no beginning inventory. The company purchased 7 units of inventory at $8 per unit during January, 5 units of inventory at $10 per unit during February, and 6 units of inventory at $11.00 per unit during June. The company sold 6 units of inventory during October. There were no additional purchases or sales during the remainder of the year. If Numeric Company uses the weighted average method, what is the cost of its ending inventory? (Round "per unit cost" to 2 decimal places and final answer to the nearest whole dollar.) Ending inventory Numeric Company uses the periodic inventory method and had no beginning inventory. The company purchased 7 units of inventory at $8 per unit during January, 5 units of inventory at $10 per unit during February, and 6 units of inventory at $11.00 per unit during June. The company sold 6 units of inventory during October. There were no additional purchases or sales during the remainder of the year. If Numeric Company uses the weighted average method, what is the cost of its ending inventory? (Round "per unit cost" to 2 decimal places and final answer to the nearest whole dollar.) Ending inventory
Expert Answer:
Answer rating: 100% (QA)
1 Total units available for sale 756 18 Units Cost ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
Students also viewed these accounting questions
-
Anabtawi Company uses the periodic inventory method and had the following inventory information available: ( 8 points) Date Explanation Number of Units Unit Cost Total Cost January 1 Beginning...
-
XYZ Company uses the periodic inventory method and had the following inventory events during January: The January 1 amounts were the beginning inventory and unit value. Required: a. Calculate the...
-
The Hawk Company uses the periodic inventory system. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, (c) weighted-average methods. Loyola sells only one...
-
Incorporated in 1990, Raju Diary Ltd is one of the leading manufacturers and marketers of diary-based branded foods in India. In the initial years, its operations were restricted only to the...
-
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in exhibit 7. Commodity 62CF3 41DH2 o3MQ3 23FH6 10KT...
-
For the used car loan of Problem 4-127, graph the monthly payment. (a) As a function of the interest rate (5-15%). (b) As a function of the number of payments (24-48).
-
Which of the following was not a major goal when the EDP Auditors Foundation established the CISA examination? a. Providing a basis for a disciplinary mechanism within the information systems audit...
-
Camden Metal Co. makes a single product that sells for $84.00 per unit. Variable costs are $54.00 per unit, and fixed costs total $120,000 per month. Required: a. Calculate the number of units that...
-
K (Measuring growth) Solarpower Systems earned $20 per share at the beginning of the year and paid out $10 in dividends to shareholders (so, Do = $10) and retained $10 to invest in new projects with...
-
An older man has just lost his job after repeated warnings to come to work sober and seek help for his alcohol addiction. He has decided that he should get help now. Too little, too late, he says...
-
What's the present value of a 4-year ordinary annuity of $2,250 per year plus an additional $2600 at the end of Year 4 if the interest rate is 5%?
-
Give examples of how society delivering or transmitting messages during the pre-media time.
-
You will select two quotations from the list provided and analyze them. One at a time, following the structure on the template, you will agree or disagree with the idea of the quotation, put the...
-
Modern portfolio theory (MPT) is a more recent approach for constructing portfolios. Describe some significant merits and drawbacks of this approach. Assess whether the MPT with the concept of...
-
On January 1st year 3, Terry's Board of Directors issued the management team 25,600 stock options for Terry's $1 par common stock. Terry's stock price on that day was $3.60/share. The Board set the...
-
Describe how the payback period is calculated and describe the information this measure provides about a sequence of cash flows. What is the payback criterion decision rule? b. What are the problems...
-
ABC Construction, Inc., is currently considering developing, on a piece of land currently held by the company, a new courtyard motel. This project would provide a single payoff from a buyer in one...
-
The area of a rectangle is 30 cm 2 and its perimeter is 26 cm. Find the length and width of the rectangle.
-
What are the various ways the LCM determination can be made?
-
El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each month. The November 30, 2011, reconciliation of the bank balance is as follows:...
-
Prior to 1974, accepted practice was for companies to either expense or capitalize R&D costs. In 1974, the FASB issued a Standard that requires all research and development costs to be charged to...
-
Jay Shah has the following balances as at 31 December in his accounts. Required: (i) Jay Shahs trial balance as at 31 December. (ii) An indication of which balances are assets, liabilities, equity,...
-
The following trial balance for Rajiv Sharma as at 31 December has been incorrectly prepared. Required: A corrected trial balance as at 31 December. Helpnote: If you rearrange the balances and the...
-
Mary Symonds, a management consultant has the following balances from the accounts on 30 September. Required: Mary Symonds trial balance as at 30 September. Office 80,000 Equity 28,150 Long-term loan...
Study smarter with the SolutionInn App