The units of an item available for sale during the year were as follows: Jan. 1...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 13 units at $41 $533 Aug. 13 Purchase 11 units at $43 473 Nov. 30 Purchase 8 units at $44 352 Available for sale 32 units $1,358 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first- out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) 704 X b. Last-in, first-out (LIFO) 1,358 X c. Weighted average cost %2$ 679 The units of an item available for sale during the year were as follows: Jan. 1 Inventory 13 units at $41 $533 Aug. 13 Purchase 11 units at $43 473 Nov. 30 Purchase 8 units at $44 352 Available for sale 32 units $1,358 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first- out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) 704 X b. Last-in, first-out (LIFO) 1,358 X c. Weighted average cost %2$ 679
Expert Answer:
Answer rating: 100% (QA)
Ending inventory FIFO 696 LIFO 662 Weighted average cost 679 Workings Periodic FIFO Cost of Goods Av... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
Students also viewed these accounting questions
-
The units of an item available for sale during the year were as follows: There are 24 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the...
-
The units of an item available for sale during the year were as follows: There are 140 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the...
-
The units of an item available for sale during the year were as follows: There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine...
-
Dr. Thomas Bilski is a primary care physician with a practice that is currently serving 280 patients. Dr. Bilski would like to administer a survey to his patients to measure their satisfaction levels...
-
Heres a plot of the Studentized residuals from the regression model of Exercise 18 plotted against ArterialMPH. The plot is colored according to City Size (Small, Medium, Large, and Very Large), and...
-
The article "Characterization of Highway Runoff in Austin, Texas, Area" (J. of Envir. Engr., 1998: 131-137) gave a scatter-plot, along with the least squares line, of x = rain-full volume (m3) and y...
-
Which Accomplishment of LeBron James Is Most Impressive? Table 2.23 shows the means and standard deviations for four of the variables in the NBAPlayers2015 dataset. FGPct is the field goal...
-
Suzy contributed assets valued at $360,000 (basis of $200,000) in exchange for her 40% interest in Suz-Anna GP (a general partnership). Anna contributed land and a building valued at $640,000 (basis...
-
Bleakhouse Bakers produces breads and pastries. Bleakhouse is considering introducing a new breakfast item. They estimate materials costs at $4.00 per dozen and overhead costs of $2.02 per dozen....
-
Northern Products reported the following amounts in its 2022 financial statements. The 2021 amounts are given for comparison. Requirements 1. Compute Northerns quick (acid-test) ratio at the end of...
-
A function is said to have a vertical asymptote wherever the limit on the left or right (or both) is either positive or negative infinity. For example, the function f(x) = x+1 x-10x+25 has a vertical...
-
How do organizations employ sophisticated engagement analytics, sentiment analysis algorithms, and social network analysis techniques to quantify and assess the depth and quality of stakeholder...
-
List precautions and contraindications for superficial heat and cryotherapy. List precautions and contraindications for use of ultrasound and electrical stimulation.
-
Describe pursed lip breathing and active exhalation. How would you teach it to a patient with COPD? What symptoms would a person going into CHF exacerbation exhibit?
-
Do you believe that U.S. treasuries are risk free? Explain
-
Employer branding and employee branding are often seen as being linked processes two sides of the same coin and not as wholly separate from one another. Why do you think this is?
-
A truck enters a one - lane tunnel traveling at a constant 1 5 m / s . There is a second car parked in the tunnel 8 0 m in front of the truck. At the instant the truck enters the tunnel, the second...
-
Complete the following acid-base reactions: (a) HCCH + NaH
-
Frog Sound Co. discovered a fraud whereby one of its front office administrative employees used company funds to purchase goods, such as computers, digital cameras, compact disk players, and other...
-
Journalize the following merchandise transactions: a. Sold merchandise on account, $29,000 with terms 2/10, n/30. The cost of the merchandise sold was $21,750. b. Received payment less the discount.
-
The following selected accounts and their current balances appear in the ledger of Carpet Land Co. for the fiscal year ended October 31, 2012: Instructions 1. Prepare a multiple-step income...
-
A change in chromosome structure that does not involve a change in the total amount of genetic material is a. a deletion. b. a duplication. c. an inversion. d. none of the above.
-
The term endopolyploidy refers to the phenomenon of having a. too many chromosomes. b. extra chromosomes inside the cell nucleus. c. extra sets of chromosomes in certain cells of the body. d. extra...
-
Which of the following is a type of plasmid? a. F factor (fertility factor) b. R factor (resistance plasmid) c. Virulence plasmids d. All of the above are types of plasmids.
Study smarter with the SolutionInn App