The units of an item available for sale during the year were as follows: There are 33
Question:
There are 33 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by
(a) The first-in, first-out method,
(b) The last-in, first-out method,
(c) The average costmethod.
Transcribed Image Text:
Jan. 1 Feb. 26 une 18 Dec. 29 Inventory Purchase Purchase Purchase 18 units at $40 36 units at $46 42 units at $52 24 units at $55
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (15 reviews)
a 1788 24 units at 55 plus 9 units at 52 1320 468 b 1410 18 units ...View the full answer
Answered By
Rukhsar Ansari
I am professional Chartered accountant and hold Master degree in commerce. Number crunching is my favorite thing. I have teaching experience of various subjects both online and offline. I am online tutor on various online platform.
5.00+
4+ Reviews
17+ Question Solved
Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Students also viewed these 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...
-
The retail inventory method is used by The Bronx Company. Inventory, purchases, and sales data for 2016 are as follows: Using the retail method, calculate the Lower-of-Average-Cost or Market of the...
-
As discussed in the chapter opening vignette and on page 9, companies are increasingly issuing reports on corporate social responsibility. Visit the Global Reporting Initiative Web site...
-
a) Discuss the expected utility hypothesis in the context of demand for insurance. Use illustration where necessary. [6 Marks] b) Differentiate between moral hazard and adverse selection as...
-
Plaintiffs operated a concession foods business called Festival Foods that provided food services at carnivals and festivals. The tangible assets of the business included a truck and servicing...
-
Refer to the preceding information for Paulcrafts acquisition of Switzers common stock. Assume that Paulcraft pays $480,000 for 100% of Switzer common stock. Paulcraft uses the cost method to account...
-
The _________ provides a portion of the system call interface for UNIX and Linux.
-
. Model the following business process for handling down payments: The process for handling down payments starts when a request for payment has been approved. It involves entering the down payment...
-
The following units of a particular item were available for sale during the year: Beginning inventory ....... 100 units at $60 Sale ............... 75 units at $112 First purchase ............ 155...
-
The units of an item available for sale during the year were as follows: There are 140 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the...
-
Natures Scents uses specially designed and labelled bottles to package its line of natural shampoos and body washes. The following information is available to assist managers determine how many...
-
What are the main reasons for variations in social discount rate policies of various countries around the world? Why developed countries generally apply lower rates while developing countries have...
-
Suppose a router has accepted flows with the TSpecs shown in Table 6.5, described in terms of token bucket filters with token rate r packets per second and bucket depth B packets. All flows are in...
-
This chapter explains three sequences of state transitions during TCP connection teardown. There is a fourth possible sequence, which traverses an additional arc from FIN_WAIT_1 to TIME_WAIT and...
-
Suppose filtering routers are arranged as in Figure 8.22; the primary firewall is R1. Explain how to configure R1 and R2 so that outsiders can Telnet to net 2 but not to hosts on net 1. To avoid...
-
What are the basics steps in performing Monte Carlo simulations?
-
What are the effects of illegality?
-
Multiple Choice Questions: 1. The largest component of aggregate demand is? a. Government purchases. b. Net exports. c. Consumption. d. Investment. 2. A reduction in personal income taxes, other...
-
Use a spreadsheet program to determine the location of a ground isopleth for a plume. The spreadsheet should have specific cell inputs for release rate \((\mathrm{g} / \mathrm{s})\), release height...
-
Available-for-Sale Securities Entries and Reporting Player Corporation purchases equity securities costing $73,000 and classifies them as available-for-sale securities. At December 31, the fair value...
-
Available-for-Sale Securities Entries and Financial Statement Presentation at December 31, 2010, the available-for-sale equity portfolio for Wenger, Inc. is as follows. On January 20, 2011, Wenger,...
-
Comprehensive Income Disclosure assume the same information as E17-9 and that Wenger, Inc. reports net income in 2010 of $120,000 and in 2011 of $140,000. Total holding gains (including any realized...
-
( support your answer with one academic reference and non-academic or industry reference ). Every year, as a CEO of a company, you are required to make an annual formal report. In your opinion, what...
-
Question 1 Apple is back under the spotlight over labor conditions in its supply chain following an explosive report from The Information on Thursday that revealed new details about the company's...
-
How does the 360-degree feedback method address the court's six stress issues depicted in Gerhart and Newman's reading? Since the Brito case, there has been growing evidence that the courts have very...
Study smarter with the SolutionInn App