Question: Week 5 Part B Exercises Using the following data, calculate ending inventory value using 1) first-in first-out periodic and 2) last-in first out periodic Date

Week 5 Part B Exercises
Using the following data, calculate ending inventory value using 1) first-in first-out periodic and 2) last-in first out periodic
Date Activity
Jan 1 Beginning Balance 300 units at $9 each
Jan 3 Purchased on account 350 units for $11 each.
Jan 5 Sold on account 500 units for $30 each.
Jan 10 Purchased on account 650 units for $12 each.
Jan 13 Purchased on account 400 units for $13 each.
Jan 21 Sold on account 550 units for $30 each.

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!

Q:

9. Which inventory costing method most closely approximates current cost for ending inventory? A. moving-average B. first-in, first-out C. last-in, first-out D. weighted-average 10. June Corp. sells...

Q:

1. (Points: 1) With respect to a corporation, select the statement that is correct. a. Its organization requires an approved charter which is governed by state law. b. Ownership rights to the...

Q:

Hello please help me work on the following assignments. I need them on monday ACCT 3331 Topics to know for Exam I Chapter 1 & 2 - Financial Accounting Standards and Conceptual Framework Know the...

Q:

Stewart Co.'s beginning inventory and purchases during the year ended December 31, 2010, were as follows: Unit Cost $50.00 52.50 Total Cost Units 1,000 1,200 January 1 March 10 June 25 August 30...

Q:

Problem I 15 Points Journalize the following merchandise transactions: A. Sold merchandise on account, $21,300 with terms 2/10, net 30. The cost of the merchandise sold was $17,000. B. Received...

Q:

I need your help with this: Can you please quote from the attached chapters / resource if possible? Corporations often use different costs of capital for different operating divisions. Using an...

Q:

Question 1 1 pts Managerial accounting: Managerial accounting: has its primary emphasis on the future. is required by regulatory bodies such as the SEC. focuses on the organization as a whole, rather...

Q:

1. The cash account for Sandy Co. on April 30 indicated a balance of $20,915. The March bank statement indicated an ending balance of $25,645. Comparing the bank statement, the canceled checks, and...

Q:

1. (Points: 1) Managerial accounting: 2. (TCO F) The Colorado Company manufactures a product that goes through three processing departments. Information relating to activity in the first department...

Q:

1 2 3 Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units at $31 Feb. 17 Purchase 11 units at $33 Jul. 21 Purchase...

Q:

Write about Advancement of Weather Forecasting (Using the Framework of the Scientific Method). Requirements: Critically evaluate weather data, including observations of natural weather phenomena, to...

Q:

What are the arguments in favor of international organizations? What are the arguments against them? Which do you think are stronger?

Q:

PART III: Koss Corporation Annual Report ( 1 0 - K / A ) - - Remediation Management s Annual Report on Internal Controls Over Financial Reporting is included in this module. Read and explain how Koss...

Q:

The WSJ reports that the rates on 4 - and 5 -year Treasuries are 5.84% and 5.78%, respectively. Based on the expectations theory, what is the expected 1 -year Treasury spot rate in year 5 ? A. 5.68%...