Trini Company had the following transactions for the month. Calculate the ending inventory dollar value for each

Question:

Trini Company had the following transactions for the month.

Calculate the ending inventory dollar value for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations.
A. First-in, first-out (FIFO)
B. Last-in, first-out (LIFO)
C. Weighted average (AVG)

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Principles Of Accounting Volume 1 Financial Accounting

ISBN: 9781593995942

1st Edition

Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax

See More Books

Question Posted: Aug 15, 2022 02:27 AM

See More Questions

The shirt shop had the following transactions for T-shirts for 2016, it,s first year of operations: Jan. 20 Purchased 400 units @ $ 8 = $3,200 Apr. 21 purchased 200 units@ $10 = $ 2,000 july 25...
In 2014, Kadlec Company had the following transactions related to the purchase of a property. All transactions were for cash unless otherwise stated. Jan. 12 Purchased real estate for a future plant...
In 2014, Weisman Company had the following transactions related to the purchase of a property. All transactions are for cash unless otherwise stated. Feb. 7 Purchased real estate for $575,000, paying...
A particle is described by the normalized wave function (x, y, z) = Axe-ax2 e -y2 e-yz2', where A, a, , and are all real, positive constants. The probability that the particle will be found in the...
List and discuss the four important labor market trends given in the first section of the chapter.
You can purchase an optical scanner today for $400. The scanner provides benefits worth $60 a year. The expected life of the scanner is 10 years. Scanners are expected to decrease in price by 20% per...
Steven Zhang, regional director of sales for Right Times Uniform Company, is reviewing the rsums and applications and his notes on three job candidates he interviewed for a vacant sales position in...
As Jacob walked back to his office after the weekly financial meeting, he reviewed his notes and saw that he had written down two operating income numbers: $110,000 and $50,000. He knew that the...
Kohl's Department Store and Target Corporation buy their clothing from Form Fitters Inc., a merchandising firm, that has budgeted\ its activity for December according to the following information:\...
Kenmare Architects Ltd. (KAL) was incorporated and commenced operations on January 1, 2014. Sheila Kenmare, the company's only employee, consults with various clients and uses expensive equipment to...
E Company accepts goods on consignment from R Company and also purchases goods from S Company during the current month. E Company plans to sell the merchandise to customers during the following...
X Company accepts goods on consignment from C Company, and also purchases goods from P Company during the current month. X Company plans to sell the merchandise to customers during the following...
Using the PortaCom Risk Analysis worksheet in Figure 16.6 and available at the WEBfile link on the Web site accompanying the text, develop your own worksheet for the PortaCom simulation model. a....
Describe the qualifications of an auditor according to the Chartered Accountants Act, 1949.
Do you think that verification of assets and liabilities is necessary when vouching has been done properly?
Define operational audits. What are its objectives?
Discuss the problems in the valuation and verification of assets.
Under the Companies Act, an auditor may be held liable both for negligence and misfeasance. Do you agree? Give reasons for your answer.
Assets Pert Corporation acquired 80 percent of the Smart Company ten years ago. In the intervening years, Pert and Smart made several intercompany transfers of depreciable assets. Pert's controller...
Trade credit from suppliers is a very costly source of funds when discounts are lost. Explain why many firms rely on this source of funds to finance their temporary working capital.
Sam owns a small house that he rents out to students attending the local university. Are the expenses associated with the rental unit deductions for or from AGI?
During the year, Sara sold a capital asset at a loss of $2,000. She had held the asset as an investment. This is the only capital asset she sold during the year. Is her deduction for this capital...
Joe is a single, self-employed individual who owns his own business. During the current year, Joe reported $200,000 gross income and $60,000 of business expenses. He also paid $30,000 in alimony to...
How to show that P is a pricing measure? Consider a general one-period finite model and assume that P and Q are pricing measures. Let a = (0, 1) be given and define P: > R by (w) = a + (1 a)Q(w) for...
Your company forecasts that 3 months after today you will need to borrow $5 million dollars for 3-months.You also know a Eurodollar futures contract that expires in 3 months (June) is trading at...
Suppose that a 2-year floor has a floor rate of 4.86% and a notional amount of $7 million. The frequency of settlement is semiannual and the reference rate is 6-month LIBOR. Assume that 6-month LIBOR...

Trini Company had the following transactions for the month. Calculate the ending inventory dollar value for each

Question:

Beginning inventory Purchased May 31 Purchased Jul. 15 Purchased Nov. 1 Totals (goods available) Ending inventory Number of Units 1,050 1,020 1,300 1,200 4,570 900 Cost per Unit $22 23 26 27 ? Total $ 23,100 23,460 33,800 32,400 112,760

Step by Step Answer:

A Firstin FirstOut FIFO Beginning Inventory 300 Purchases 450 S...View the full answer

Principles Of Accounting Volume 1 Financial Accounting

Students also viewed these Business questions