PART IV-(12 Points) The Rock Shop shows the following data related to an item of inventory....

 

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PART IV-(12 Points) The Rock Shop shows the following data related to an item of inventory. 200 units @ $5.00 600 units@ $5.40 140 units@ $6.00 200 units Inventory, January 1 Purchase, January 9 Purchase, January 19 Inventory, January 31 Required: Compute the ending inventory for January using the FIFO method. PART V-(12 Points) Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Its inventory at that date was $550,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Required: Date December 31, 2014 December 31, 2015 Inventory at Current Prices $642,000 812,500 Current Price Index 107 1. Compute the cost of ending inventory for 2014. 2. Compute the cost of ending inventory for 2015. 130 PART IV-(12 Points) The Rock Shop shows the following data related to an item of inventory. 200 units @ $5.00 600 units@ $5.40 140 units@ $6.00 200 units Inventory, January 1 Purchase, January 9 Purchase, January 19 Inventory, January 31 Required: Compute the ending inventory for January using the FIFO method. PART V-(12 Points) Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Its inventory at that date was $550,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Required: Date December 31, 2014 December 31, 2015 Inventory at Current Prices $642,000 812,500 Current Price Index 107 1. Compute the cost of ending inventory for 2014. 2. Compute the cost of ending inventory for 2015. 130

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ANSWER iv Ending inventory on January 31 200 units ... View the full answer