The inventory of product Y at January 1 consisted of 15,000 units valued at a cost of
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The inventory of product Y at January 1 consisted of 15,000 units valued at a cost of $112,500. Purchases during the year were:
March 5.................20,500 units @ $7.75
May 12 .................33,000 units @ $8.00
Sept15 ..................23,000 units @ $8.30
Nov. 28 ...................8,500 units @ $8.44
On December 31, there were 30,000 units on hand. Compute the December 31 inventory using
(a) The last in, first-out method,
(b) The first-in, first-out method,
(c) The weighted-average method.
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Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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