On January 1, the Abrams Company began business with the purchase of 250 units of inventory for
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Question:
On January 1, the Abrams Company began business with the purchase of 250 units of inventory for $21,625. During the month, Abrams had the following inventory transactions:
-Jan. 6: Purchased 100 units @ $75 per unit
-Jan 11: Sold 200 units
-Jan 17: Sold 85 units
-Jan 24: Purchased 100 units @ $125 per unit
-Jan 28: Purchased 50 units @ $110 per unit
-Jan 30: Sold 100 units
Required:
Compute the cost of the inventory at the end of January under the following alternatives:
a. FIFO periodic
b. FIFO perpetual
c. LIFO periodic
d. LIFO perpetual
e. Weighted average (round unit costs to 2 decimal places)
f. Moving average (round unit costs to 2 decimal places)
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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