Question: Beginning inventory 15 units @ $6 per unit, First purchase 30 units @ $7 per unit, First sale 25 units Second purchase 35 units

Beginning inventory 15 units @ $6 per unit, First purchase 30 units @ $7 per unit, First sale 25 units Second purchase 35 units @ $8 per unit Second sale 40 units Third purchase 20 units @ $9 per unit What is the value of the ending inventory using a perpetual inventory system with the FIFO costing method? "

Step by Step Solution

★★★★★

3.34 Rating (145 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Here is the calculation Beginning inventory 15 units 6unit 90 First purchase 30 u... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

A company had the following purchases and sales during its first year of operations: Sales January: February: May: September: November: Purchases 10 units at $120 20 units at $125 15 units at $130 12...

Determine the merchandise lost by fire, assuming: (a) A beginning inventory of $20,000 and a gross profit rate of 40% on net sales. (b) A beginning inventory of $30,000 and a gross profit rate of 32%...

Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

1) Beginning inventory 10 units @ $10 per unit First purchase 35 units @ $11 per unit First sale 20 units Second purchase 40 units @ $12 per unit Second sale 35 units Third purchase 15 units @ $13...

what us the total value of the ending inventory using a periodic inventory system? Beginning inventory 10 units @ $10 per unit First purchase 35 units @ $11 per unit First sale 20 units Second...

Beginning inventory 15 units @ $6 per unit, First purchase 30 units @ $7 per unit First sale 25 units Second purchase 35 units @ $8 per unit Second sale 40 units Third purchase 20 units @ $9 per unit...

ginning inventory 15 units @$6 per unit, first purchase 30 units @ $7 per unit per first sale 25 units second purchase 35 units @$8 per units second sale 40 units tird purchase 20 units @$9 per units...

Beginning inventory 10 units @ $10 per unit First purchase 35 units @ $11 per unit First sale 20 units Second purchase 40 units @ $12 per unit Second sale 35 units Third purchase 15 units @ $13 per...

ACCOUNTING Use the information listed below to answer the following question Jan. 1 Inventory 15 units $5 per unit 4 Purchase 15 units $7 per unit 7 Sale 20 units $15 per unit 9 Sale 5 units $18 per...

Suppose that 100 female birds were tested in the first experiment and 200 females in the second. Find the number out of 300 that mated with each type of male, and convert the results into a...

Phil Eubanks has just rented space in a strip mall. In this space, he will open a photography studio, to be called Picture This! A friend has advised Phil to set up a double entry set of accounting...

Question 1 6 , 2 . 6 . 5 1 HW Score: 5 7 . 6 9 % , 1 5 of 2 6 points Points: 0 of 1 Evaluate the following limit . lim x c o s 2 x 3 c o s x 2 c o s x 1 Select the correct choice below and, if...

IPO Under pricing the Woods Co, and the Mickelson Co, have both announced IPOs at $40 per share. One of these is undervalued by $8, and the other is overvalued by $5, but you have to no way of...

A flow of 1000 K, 100 kPa air with 0.5 kg/s in a furnace flows over a steel plate of surface temperature 400 K. The flow is such that the convective heat transfer coefficient is h = 125 W/m2 K. How...

Rights Offerings Rebel, Inc. is proposing a rights offering. Presently there are 400,000 shares outstanding at $75 each. There will be 70,000 new shares offered at $70 each. a. What is the new market...

Complete the missing step in the derivation of Equation (15.17), the first update step for the one-dimensional Kalman filter.

Show that any second-order Markov process can be rewritten as a first-order Markov process with an augmented set of state variables. Can this always he done parsimoniously that is, without increasing...

U.S. Copyright Office identifies what can and can't be covered under copyright law in U.S. Question 10 options: TrueFalse

Jim is fired from his job as a waiter and decides to take an extended trip to Europe. After touring Europe for 3 months, Jim returns to look for a new job as a waiter. Are his job-hunting expenses...

Mike sells his home to Jane on April 2, 2012. Jane pays the property taxes covering the full calendar year in October, which amount to $2,500. How much may Mike and Jane each deduct for property...

How are qualified dividends taxed in 2012? Please give the two rates of tax which apply to qualified dividends, and specify when each of these rates applies._________________________...

Why aren't the tools of product market analysis directly applicable to the resource market?

Compare and explain the significance of the substitution and output effects as they apply to resource pricing. What relationship, if any, do they bear to the income and substitution effects discussed...

What is the case against and the case for the minimum wage? What does the evidence indicate?