Question: Please explain how you added these up. 1. Numeric Company uses the periodic inventory method and had no beginning inventory. The company purchased 7 units

Please explain how you added these up.

1. Numeric Company uses the periodic inventory method and had no beginning inventory. The company purchased 7 units of inventory at $8 per unit during January, 5 units of inventory at $10 per unit during February, and 6 units of inventory at $11.00 per unit during June. The company sold 6 units of inventory during October. There were no additional purchases or sales during the remainder of the year. If Numeric Company uses the weighted average method, what is the cost of its ending inventory? (Round "per unit cost" to 2 decimal places and final answer to the nearest whole dollar.)

Ending Inventory: __________

2. A company had inventory on July 1 of 5 units at a cost of $16 each. On July 2, they purchased 9 units at $28 each. On July 6 they purchased 5 units at $25 each. On July 8, 8 units were sold for $58 each. Using the LIFO perpetual inventory method, what was the value of the inventory on July 8 after the sale?

The Value of the Inventory on July 8th: ________

3. Cable Knit, Inc. reported cost of goods sold of $3,800 for the current year. Its beginning inventory was $3,900 and its ending inventory was $1,400. What was the amount of purchases made during the year?

the amount of purchases made during the year: ______

4. Spree Company sold $769,300 of goods during the year at a cost of goods sold of $548,600. Inventory was $31,283 at the beginning of the year and $35,538 at the end of the year. What was the inventory turnover ratio for the year? (Do not round intermediate calculations. Round your answer to 1 decimal place.)

Inventory turnover ratio for the year:_____

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
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!