The following information pertains to Company A's Year 1 inventory activities: Number of Purchase price per...
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The following information pertains to Company A's Year 1 inventory activities: Number of Purchase price per Sale price per Date Transaction unit unit Units Beginning balance January 90 $40 1 April 11 Sale 50 $70 May 15 Purchase 160 $65 July 25 Sale 30 $75 For each of the following independent assumptions regarding Company A's inventory cost flow methods, click on the associated designated cell and enter the applicable dollar value of inventory that would be reported in Company A's December 31, Year 1, balance sheet. Enter all amounts as positive values. Round all amounts to the nearest dollar. If the amount is zero, enter a zero (0). Cost Flow Assumptions Amount 1. First-in, first-out (FIFO) periodic 123 2. Moving average 123 3. Weighted average 123 4. Last-in, first-out (LIFO) periodic 123 5. First-in, first-out (FIFO) perpetual 123 The following information pertains to Company A's Year 1 inventory activities: Number of Purchase price per Sale price per Date Transaction unit unit Units Beginning balance January 90 $40 1 April 11 Sale 50 $70 May 15 Purchase 160 $65 July 25 Sale 30 $75 For each of the following independent assumptions regarding Company A's inventory cost flow methods, click on the associated designated cell and enter the applicable dollar value of inventory that would be reported in Company A's December 31, Year 1, balance sheet. Enter all amounts as positive values. Round all amounts to the nearest dollar. If the amount is zero, enter a zero (0). Cost Flow Assumptions Amount 1. First-in, first-out (FIFO) periodic 123 2. Moving average 123 3. Weighted average 123 4. Last-in, first-out (LIFO) periodic 123 5. First-in, first-out (FIFO) perpetual 123
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Amount to be reported in the balance sheet will be the ending inventory of the company Ending invent... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
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