Finance Accouting (14e)

Check My Work eBook Exercise 9-27 Computations Involving Different Cost-Flow Assumptions Arnold Company's raw material purchases during January, its first month of operations, were as follows: Cost per Unit Total Cost Quantity 1/2 Purchased. . 1/8 Purchased 1/15 Purchased 1/23 Purchased. . 1,200 pounds 2,200 pounds 2,800 pounds 1,500 pounds $2.20 2.25 2.28 2.30 2.32 2,640 4,950 6,384 3,450 6,960 24,384 Total Goods Available for Use..... . . .. 10,700 pounds .. .. . . . . The inventory on January 31 was 3,500 pounds. Compute the cost of the inventory on January 31 and the cost of raw materials issued to production for January under each of the following cost-flow assumptions: a. FIFO b. Weighted average C. LIFO. For weighted average: In your computations, round the per unit cost to four decimal places. For all methods, round your final answers to the nearest dollar FIFO Weighted Average LIFO Raw Materials Available for Use Less Ending Inventory Raw Materials Issued to Production Check My Work Icon Kay