The units of an item available for sale during the year were as follows: Line Item...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The units of an item available for sale during the year were as follows: Line Item Description Date Jan. 1 Feb. 17 Jul. 21 Nov. 23 Inventory Purchase Purchase Purchase Units and Cost 13 units at $46 9 units at $47 6 units at $48 20 units at $48 There are 13 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Round average unit cost to the two decimal places, and round your final answer to the nearest dollar. The units of an item available for sale during the year were as follows: Line Item Description Date Jan. 1 Feb. 17 Jul. 21 Nov. 23 Inventory Purchase Purchase Purchase Units and Cost 13 units at $46 9 units at $47 6 units at $48 20 units at $48 There are 13 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Round average unit cost to the two decimal places, and round your final answer to the nearest dollar.
Expert Answer:
Answer rating: 100% (QA)
To determine the inventory cost using different methods lets calculate the cost of units sold and th... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units at $122 Mar. 10 Purchase 60 units at $130...
-
Part I: = xr x l 1. VTube = TV X = x 0.9cm x 13.5cm = 34.35cm 2. V = VFlask + VTube - VH2O + VSyringe = 600mL + 34.35mL + 50mL + 30mL = 614.34 3. P(mm HO) = Patm(mm Hg) x 13.6 +h+0(mm) = 634.1 x...
-
Motivation in action an enterprise rent Introduction Motivation is a driving force within an individual to do something well. Motivation is particular to an individual so it is important to find out...
-
Distinguish between a National Health Insurance system and a National Health Service. Provide examples of each. What kind of a system does the United States have?
-
A 12-pack of Omni-Cola (mass 4.30 kg) is initially at rest on a horizontal floor. It is then pushed in a straight line for 1.20 m by a trained dog that exerts a horizontal force with magnitude 36.0...
-
A chemical plant requires 106 L/day of a solution. Three sources are available at different prices and supply rates. Each source also has a different concentration of an impurity that must be kept...
-
Selected account balances for Jills Java at the end of the month are listed below in random order: Identify or compute the following amounts for Jills Java: a. Total current assets b. Total current...
-
Jennifer, age 28, is divorced and has a son, age one. Six months ago, Jennifer purchased an individual medical insurance policy covering the entire family. Her son was recently diagnosed with...
-
1) Explain how the process of valuing a high-growth company differs from valuing an established company. 2) How does the total market for a new product differ from a company's addressable market?...
-
GloFish, Inc. has genetically engineered a species of fish that glows in normal lighting conditions. The company believes the new fish will be a huge success as a new pet option for children and...
-
Which of the following government policies is least likely to increase the standard of living in the United States? 1. Investment in technology 2. Investment in tools and capital for workers 3....
-
A resort uses a rope to pull a \(65-\mathrm{kg}\) skier up a slope at constant speed. To pull the skier \(75 \mathrm{~m}\) requires \(18 \mathrm{~kJ}\) of work to be done by the rope. (a) Determine...
-
A cylindrical solenoid of radius \(R\) and height \(b\) consists of \(N\) windings. There is a current through the windings, and this current increases with time as \(I=\alpha t\), where \(\alpha\)...
-
Suppose that \(r=0, n=15\), and \(s_{y}=10\). Determine \(s\).
-
Identity theft is a growing problem in the United States. According to a Federal Trade Commission Report about 280,000 identity complaints were filed for 2011. Among the 43.2 million persons in the...
-
Prove that the matrices $\mathbf{H}$ and $\mathbf{I}-\mathbf{H}$ are idempotent, that is, $\mathbf{H H}=\mathbf{H}$ and $(\mathbf{I}-\mathbf{H})(\mathbf{I}-\mathbf{H})=\mathbf{I}-\mathbf{H}$.
-
You took out a student loan in college and now have to pay $1,700 every year for 15 years, starting one year from now. The annual interest rate on the loan is 5%. What is the present value of the 15...
-
Fahrad Inc. sells all of its product on account. Fahrad has the following accounts receivable payment experience: Percent paid in the month of sale .........10 Percent paid in the month after the...
-
Karim Depak received a Form 1099-B showing the following stock transactions and basis during 2012: None of the stock is qualified small business stock. Calculate Karim's net capital gain or loss...
-
Brian and Kim have a 12-year-old child, Stan. For 2012, Brian and Kim have taxable income of $52,000, and Stan has nonqualifying dividend income of $4,500 and investment expenses of $250. No election...
-
Bill and Guilda each own 50 percent of the stock of Radiata Corporation, an S corporation. Guilda's basis in her stock is $25,000. On July 31, 2012, Bill sells his stock, with a basis of $40,000, to...
-
Under what conditions can WTO members not use MFN when dealing with one another?
-
What does most favored nation (MFN) mean?
-
How do the various forms of economic integration differ?
Study smarter with the SolutionInn App