Question: Problem 2 . Given the following information, determine the cost of ending inventory at December 31: December 2: 5 units were purchased at $7 per

Problem 2. Given the following information, determine the cost of ending inventory at December 31:

December 2: 5 units were purchased at $7 per unit. December 9: 10 units were purchased at $9.40 per unit.

December 11: 12 units were sold at $35 per unit

December 15: 20 units were purchased at $10.15 per unit December 22: 18 units were sold at $35 per unit

Use the above information for parts a, b and c.

a> (14 points) Use the LIFO , Last In First Out, inventory flow and perpetual inventory method to value the ending inventory. SHOW YOUR WORK

b> (14 points) Use the FIFO, First In First Out, inventory flow and perpetual inventory method to value the ending inventory. SHOW YOUR WORK

c> (14 points) Use the weighted average inventory flow and perpetual inventory method to value the ending inventory. SHOW YOUR WORK

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!

This is the second part , continue from question 29. Remember, the anser are not listed as A B C D or E, therefore, you need to Keep in mind that the first line of answer is A, the 2nd line of answer...

34. Given the following information, determine the cost of goods sold for December 31 using the FIFO perpetual inventory method. December 2: 5 units were purchased at $7 per unit. December 9: 10...

Given the following information, determine the cost of goods sold at December 31 using the LIFO periodic inventory method. December 2: 10 units were purchased at $7.50 per unit. December 9: 15 units...

Given the following information, determine the cost of goods sold at December 31 using the LIFO periodic inventory method. December 2: 23 units were purchased at $8.80 per unit. December 9: 28 units...

Given the following information, determine the cost of goods sold at December 31 using the weighted average periodic inventory method December 2: 21 units were purchased at $8.60 per unit. December...

Herr Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. Date June 1 June 15 June 29 Activities Beginning inventory Sale...

Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. 30 units at $20 each June 1 June 15 June 29 Beginning inventory Sale of 22...

Question 2: Given the following information, determine the cost of goods sold and ending inventory at November 30 using FIFO, LIFO and Weighted Average methods under perpetual inventory system....

CHOOSE EITHERI add to the bank balance, deduct from the bank balance, add to book balance or deduct from book 1. The bank statement shows a service charge for the month 2. The books show 19 checks...

Build a Gantt chart based on the following list of tasks and dependencies to build and test a screen form for a new system. Identify the criticalpath. Task ID Description Duration [days Predecessor...

For the following data, compute (a) The mean and (b) The mode. 55 57 59 58 60 57 56 58 61 58 59

During resting potential the inside of the neuron is q , compared to the outside. A . positive B . same as C . negative

Reduced cost is: Question 1 4 options: The shadow price of the non - negativity constraints 0 when non - negativity constraint is not binding = 0 when non - negativity constraint is binding The...

What are the purposes of strategic planning?

Describe how effective job analysis can be used to satisfy each of the following statutes: a. Fair Labor Standards Act b. Equal Pay Act c. Civil Rights Act d. Occupational Safety and Health Act e....

6. What qualifications are needed to perform the job?