The units of an item available for sale during the year were as follows: There are 11
Question:
There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by
(a) The first-in, first-out method,
(b) The last-in, first-out method, and
(c) The average costmethod.
Transcribed Image Text:
Jan. 1 Feb. 4 July 20 Dec. 30 Inventory Purchase Purchase Purchase 6 units at $28 12 units at $30 14 units at $32 8 units at $33
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
a 360 8 units at 33 plus 3 units at 32 b 318 6 units at 28 ...View the full answer
Answered By
Joseph Mwaura
I have been teaching college students in various subjects for 9 years now. Besides, I have been tutoring online with several tutoring companies from 2010 to date. The 9 years of experience as a tutor has enabled me to develop multiple tutoring skills and see thousands of students excel in their education and in life after school which gives me much pleasure. I have assisted students in essay writing and in doing academic research and this has helped me be well versed with the various writing styles such as APA, MLA, Chicago/ Turabian, Harvard. I am always ready to handle work at any hour and in any way as students specify. In my tutoring journey, excellence has always been my guiding standard.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Managerial 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 23 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 75 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the...
-
For each polynomial function, find (a) (-1), (b) (2), and (c) (0). f(x) = 2x - 4x + 1
-
The Greensboro Performing Arts Center (GPAC) has a total capacity of 7,500 seats: 2,000 center seats, 2,500 side seats, and 3,000 balcony seats. The budgeted and actual tickets sold for a Broadway...
-
A refnery processes two crude oils that have the yields shown in the table below. Because of equipment and storage limitations, production of gasoline, kerosene, and fuel oil must be limited as shown...
-
In a study sponsored by Coca-Cola, 12,500 people were asked what contributes most to their happiness, and 77% of the respondents said that it was their family or partner. Determine whether the given...
-
Your context diagram and DFD diagram 0 were accurate, but there have been some design changes. Management has decided to connect the external Accounts Receivable System directly to the C3 system as a...
-
7. A sport utility vehicle (SUV) sells for $34,200 and leases for $348 plus tax per month for a lease term of 24 months. A down payment of $3500 is required. The guaranteed residual value of the...
-
A cookie company has collected the following data. They have a process that bakes and packages 11oz packages of cookies (the package says 11oz. but the true average may be a little off). They take a...
-
The following units of a particular item were available for sale during the year: Beginning inventory ... 20 units at $45 Sale ........... 15 units at $80 First purchase ....... 31 units at $47 Sale...
-
The units of an item available for sale during the year were as follows: There are 36 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the...
-
Prior Brothers, Inc. (PBI) began financing its farming operations through Bank of California, N. A. (Bank). Banks loans were secured by PBIs equipment and after acquired property. Bank immediately...
-
Store and forward router means: a . . none b . . The entire packet must be stored at the router locally before forwarding it . . c . . The entire packet must be arrived at the router before...
-
Operating margin is the same as gross margin in CVP analysis. True False
-
Directive Language is the language that is used to guide or influence actions? O True O False
-
Current Attempt in Progress Cullumber Corporation purchased a tract of land for $1092000, which included a warehouse and office building. The following data were collected concerning the property:...
-
Below is activity for the Other Employer Taxes Accrual Reconciliation as of March 3 1 , 2 0 2 2 : What is the reconciled balance at the end of the period? Date Description Amount 1/23/2022 Payroll...
-
A dance class consists of 12 men and 10 women. Five men and five women are chosen and paired up to dance. In how many ways can this be done?
-
Show that, given a maximum flow in a network with m edges, a minimum cut of N can be computed in O(m) time.
-
Write an application that inputs an integer code for a character and displays the corresponding character. Modify this application so that it generates all possible three-digit codes in the range...
-
Differences between the accounting methods applied to accounts and financial reports and those used in determining taxable income yielded the following amounts for the first four years of a...
-
Differences between the accounting methods applied to accounts and financial reports and those used in determining taxable income yielded the following amounts for the first four years of a...
-
The following information is available for Deutsch Corporation for 2010: Instructions 1. Prepare the 2010 statement of cost of goods manufactured. 2. Prepare the 2010 incomestatement. December 31...
-
A company sells one model of a synthetic leather basketball. The basketballs sell for $20 each, and the variable expenses for each basketball are $14. The company has $1,200 of fixed expenses. How...
-
Below is the sales budget for Alejandro Company. The product sells for $60 in September and October and then the retail price is increased to $65 in November - February. Month Budgeted Sales in Units...
-
What is a good response to the following post made by a classmate? Interest Expense=$8,0000.09(360/36) = $72 Interest Payable (Hyatt Company) $72 (Credit) Interest Expense $72 (debit) Interest...
Study smarter with the SolutionInn App