Stewart Co.'s beginning inventory and purchases during the year ended December 31, 20Y2, were as follows:...

 

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Stewart Co.'s beginning inventory and purchases during the year ended December 31, 20Y2, were as follows: January 1 March 10 June 25 August 30 October 5 November 26 December 31 Total Inventory Purchase Sold 1,600 units Purchase Sold 4,000 units Purchase Sold 800 units Unit 1,000 3,000 2,600 1,000 7,600 Unit Cost $50.00 52.00 55.00 57.68 Total Cost $ 50,000 156,000 143,000 57,680 $406,680 Instructions 1. Determine the cost of inventory on December 31, 20Y2, using the perpetual inventory system and each of the following inventory costing methods: a. first-in, first-out Stewart Co.'s beginning inventory and purchases during the year ended December 31, 20Y2, were as follows: January 1 March 10 June 25 August 30 October 5 November 26 December 31 Total Inventory Purchase Sold 1,600 units Purchase Sold 4,000 units Purchase Sold 800 units Unit 1,000 3,000 2,600 1,000 7,600 Unit Cost $50.00 52.00 55.00 57.68 Total Cost $ 50,000 156,000 143,000 57,680 $406,680 Instructions 1. Determine the cost of inventory on December 31, 20Y2, using the perpetual inventory system and each of the following inventory costing methods: a. first-in, first-out

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Cost of inventory using perpetual inventory system Under First In First Out method the goods are sol... View the full answer