The units of an item available for sale during the year were as follows: There are 23
Question:
There are 23 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using
(a) The first-in, first-out (FIFO) method;
(b) The last-in, first-out (LIFO) method;
(c) The weighted average costmethod.
Transcribed Image Text:
Jan.1 May 7 Nov. 23 Inventory 24 units at $135 3,240 36 units at $150 5,400 Purchase 3t $162 4860 Purchase Available for sale 90 units $13,500
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (14 reviews)
a Firstin firstout FIFO method 3726 23 ...View the full answer
Answered By
Allan Simiyu
I am an adroit Writer. I am a dedicated writer having worked as a writer for 3 years now. With this, I am sure to ace in the field by helping students break down abstract concepts into simpler ideas.
5.00+
8+ Reviews
54+ Question Solved
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Students also viewed these Managerial Accounting questions
-
The units of an item available for sale during the year were as follows: There are 24 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the...
-
The units of an item available for sale during the year were as follows: There are 23 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the...
-
The units of an item available for sale during the year were as follows:Jan. 1 Inventory 42 units at $60Mar. 10 Purchase 58 units at $65Aug. 30 Purchase 20 units at $68Dec. 12 Purchase 30 units at...
-
U Ltd has three subsidiaries (one of which is dormant) and has the following results for the year to 31 December 2020: Compute the corporation tax liability for the year and state the date (or dates)...
-
As we move across a period of the periodic table, why do the sizes of the transition elements change more gradually than those of the representative elements?
-
Data for Oasis Health Care for January are provided in Problems 3-1, 3-2, and 3-3. Instruction 1. Prepare a statement of cash flows for January. 2. Reconcile the net cash flows from operating...
-
Implement the nave Bayes classifier in the programming language of your choice, and use it to classify pages of text, based on which words appear on the page. To do this, you will first need to train...
-
College Supply Company (CSC) makes three types of drinking glasses: short, medium, and tall. It presently applies overhead using a predetermined rate based on direct labor-hours. A group of company...
-
20log(V(k)) (dB) 4) A system for discrete-time spectral analysis of continuous-time signals is shown below. In addition, the output [] from the system is shown in the plot. (Note the plot of [] is in...
-
Jimmy owns a garden in which he has planted N trees in a row. After a few years, the trees have grown up and now they have different heights. Jimmy pays much attention to the aesthetics of his...
-
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) The weighted average unit cost after the...
-
The units of an item available for sale during the year were as follows: There are 57 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the...
-
For each of the following determine whether the given set is a subspace of R2. Prove your answers. (a) (b) x2 | .ri +.x2 = () S2=
-
What considerations go into forecasting when dark chocolate will peak?
-
(a) A machine was bought on credit for 15,000 from the XY Manufacturing Co Ltd, on 1 October 2011. The estimated useful economic life of the machine was seven years and the estimated scrap value...
-
What is the advantage of a global brand tearm? What are the problems of using a team to devise and run the global strategy?
-
Why are Google, Apple, Tesla, Fitbit, Dyson, and Intel considered innovative ? Did branding play a role? For which brands? What other brands would you nominate? Why? What role did branding play in...
-
Consider the Joie de Vivre hotel concept described. Think of themes stimulated by magazines or movies and discuss how you would design a hotel around each concept. For each theme, choose five words...
-
In Example 15.1, suppose that you bought one call option contract for $200. The strike price is $50. If the stock price is $60 just before the option expires, should you exercise the option? If you...
-
(a) As Section 17.3 discusses, high-frequency sound waves exhibit less diffraction than low-frequency sound waves do. However, even high-frequency sound waves exhibit much more diffraction under...
-
(a) Find the driving point impedance seen by the voltage source in Figure P11-3 and the voltage transfer function \(T_{\mathbf{V}}(s)=V_{\mathbf{2}}(s) / V_{1}(s)\). (b) Select values of \(R, L\),...
-
The financial statements of Minnesota Mining and Manufacturing Company (3M) report net sales of $20.0 billion. Accounts receivable (net) are $2.7 billion at the beginning of the year and $2.8 billion...
-
Why is it necessary to use comparative balance sheets, a current income statement, and certain transaction data in preparing a statement of cash flows? Discuss.
-
In this chapter, you learned that companies prepare a statement of cash flows in order to keep track of their sources and uses of cash and to help them plan for their future cash needs. Planning for...
-
How is decision-making in organizations best supported by Management Accounting (a descriptive nature) and how should it be supported by Management Accounting (a prescriptive nature)? Is there a gap...
-
Discuss the thermodynamic principles governing the separation of azeotropic mixtures using advanced distillation techniques such as pressure swing distillation, extractive distillation, and hybrid...
-
respond to the discussion In the IMA article, Activity-Based Costing (ABC) is explained as a cost allocation technique that traces indirect costs (often referred to as "overhead") to specific cost...
Study smarter with the SolutionInn App