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Flint Corporation began operations on December 1, 2016. The only
inventory transaction in 2016 was the purchase of inventory on
December 10, 2016, at a cost of $25 per unit. None of this
inventory was sold in 2016. Relevant information is as
follows.
Ending inventory units
December 31, 2016
112
December 31, 2017, by purchase date
December 2, 2017
112
July 20, 2017
50
162
During the year 2017, the following purchases and sales were
made.
Purchases
Sales
March 15...
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Skysong Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $22 per unit. None of this inventory was sold in 2019. Relevant information is as follows. 135 Ending inventory units December 31, 2019 December 31, 2020, by purchase date December 2, 2020 July 20, 2020 135 50 185 During the year 2020, the following purchases and sales were made. Purchases March 15 335...
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Blue Corporation began operations on December 1, 2019. The only
inventory transaction in 2019 was the purchase of inventory on
December 10, 2019, at a cost of $25 per unit. None of this
inventory was sold in 2019. Relevant information is as follows.
Ending inventory units
December 31, 2019
122
December 31, 2020, by purchase date
December 2, 2020
122
July 20, 2020
50
172
During the year 2020, the following purchases and sales were
made.
Purchases
Sales
March 15...
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Exercises 429 E8-19 (L03,4) (Alternative Inventory Methods Comprehensive) Tori Amos Corporation began operations on December l, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a cost of $20 per unit. None of this inventory was sold in 2016. Relevant information is as follows Ending inventory units December 31, 2016 Decenmber 31, 2017, by purchase date 1o0 December 2, 2017 July 20, 2017 50 150 During the year, the following purchases and...
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(a1) Calculate average-cost per unit. (Round answer
to 2 decimal places, e.e. 2.76.)
(a2) Determine ending inventory under (1) specific
identification, (2) FIFO, (3) LIFO, and (4) average-cost.
(Round answer to 0 decimal places, e.g.
2,760.)
(b1) Calculate price index. (Round answer to 4
decimal places, e.g. 2.7600.)
(b2) Determine ending inventory using dollar-value LIFO. Assume
that the December 2, 2020, purchase cost is the current cost of
inventory.(Hint: The beginning inventory is the base layer priced
at $25 per...
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Exercise 8-12 Novak Company was formed on December 1, 2016. The
following information is available from Novak’s inventory records
for Product BAP. Units Unit Cost January 1, 2017 (beginning
inventory) 618 $ 6.00 Purchases: January 5, 2017 1,236 7.00 January
25, 2017 1,339 8.00 February 16, 2017 824 9.00 March 26, 2017 618
10.00 A physical inventory on March 31, 2017, shows 1,648 units on
hand. Prepare schedule to compute the ending inventory at March 31,
2017, under FIFO inventory...
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Buffalo Company was formed on December 1, 2016. The following Information is available from Buffalo's Inventory records for Product BAR. CALCULA Unit Cost January 1, 2017 (beginning inventory) 642 $ 9.00 Purchases: January 5, 2017 1,284 10.00 January 25, 2017 1,391 11.00 February 16, 2017 856 12.00 March 26, 2017 642 13.00 A physical inventory on March 31, 2017, shows 1,712 units on hand. Prepare schedule to compute the ending Inventory at March 31, 2017, under FIFO Inventory method. BUFFALO...
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Pearl Company was formed on December 1, 2016. The following information is available from Pearl's inventory records for Product BAP Units Unit Cost $6.00 January 1,2017 (beginning inventory) Purchases: 618 January 5,2017 January 25,2017 February 16, 2017 March 26, 2017 1,236 1,339 824 618 7.00 8.00 9.00 10.00 A physical inventory on March 31, 2017, shows 1,648 units on hand. Prepare schedule to compute the ending inventory at March 31, 2017, under FIFO inventory method. PEARL COMPANY COMPUTATION OF INVENTORY...
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tice Assignment Gradebook ment Exercise 8-12 Nash Company was formed on December 1, 2016. The following information is available fre Units Unit Cost January 1, 2017 (beginning inventory) 648 $7.00 Purchases: January 5, 2017 January 25, 2017 1,296 8.00 1,404 9.00 February 16, 2017 864 10.00 March 26, 2017 648 11.00 A physical inventory on March 31, 2017, shows 1,728 units on hand. Prepare schedule to compute the ending inventory at March 31, 2017, under FIFO inventon NASH COMPANY Prepare...
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Please help C2 only.
Sage Company was tormed on December 1, 2016. The tollowing intormation is available trom Sage's inventory records tor Product BAR Units Unit Cost anuary 1, 2017 (beginning in Purchases: 684 6.00 anuary 5, 2017 anuary 25, 2017 February 16, 2017 March 26, 2017 1,368 1,482 912 684 7.00 8.00 9.00 10.00 A physical inventory on March 31, 2017, shows 1,824 units on hand. ▼ (a) Your answer is correct. Prepare schedule to compute the ending inventory...
Skysong Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $22 per unit. None of this inventory was sold in 2019. Relevant information is as follows. 135 Ending inventory units December 31, 2019 December 31, 2020, by purchase date December 2, 2020 July 20, 2020 135 50 185 During the year 2020, the following purchases and sales were made. Purchases March 15 335...
Exercises 429 E8-19 (L03,4) (Alternative Inventory Methods Comprehensive) Tori Amos Corporation began operations on December l, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a cost of $20 per unit. None of this inventory was sold in 2016. Relevant information is as follows Ending inventory units December 31, 2016 Decenmber 31, 2017, by purchase date 1o0 December 2, 2017 July 20, 2017 50 150 During the year, the following purchases and...
(a1) Calculate average-cost per unit. (Round answer
to 2 decimal places, e.e. 2.76.)
(a2) Determine ending inventory under (1) specific
identification, (2) FIFO, (3) LIFO, and (4) average-cost.
(Round answer to 0 decimal places, e.g.
2,760.)
(b1) Calculate price index. (Round answer to 4
decimal places, e.g. 2.7600.)
(b2) Determine ending inventory using dollar-value LIFO. Assume
that the December 2, 2020, purchase cost is the current cost of
inventory.(Hint: The beginning inventory is the base layer priced
at $25 per...
Buffalo Company was formed on December 1, 2016. The following Information is available from Buffalo's Inventory records for Product BAR. CALCULA Unit Cost January 1, 2017 (beginning inventory) 642 $ 9.00 Purchases: January 5, 2017 1,284 10.00 January 25, 2017 1,391 11.00 February 16, 2017 856 12.00 March 26, 2017 642 13.00 A physical inventory on March 31, 2017, shows 1,712 units on hand. Prepare schedule to compute the ending Inventory at March 31, 2017, under FIFO Inventory method. BUFFALO...
Pearl Company was formed on December 1, 2016. The following information is available from Pearl's inventory records for Product BAP Units Unit Cost $6.00 January 1,2017 (beginning inventory) Purchases: 618 January 5,2017 January 25,2017 February 16, 2017 March 26, 2017 1,236 1,339 824 618 7.00 8.00 9.00 10.00 A physical inventory on March 31, 2017, shows 1,648 units on hand. Prepare schedule to compute the ending inventory at March 31, 2017, under FIFO inventory method. PEARL COMPANY COMPUTATION OF INVENTORY...
tice Assignment Gradebook ment Exercise 8-12 Nash Company was formed on December 1, 2016. The following information is available fre Units Unit Cost January 1, 2017 (beginning inventory) 648 $7.00 Purchases: January 5, 2017 January 25, 2017 1,296 8.00 1,404 9.00 February 16, 2017 864 10.00 March 26, 2017 648 11.00 A physical inventory on March 31, 2017, shows 1,728 units on hand. Prepare schedule to compute the ending inventory at March 31, 2017, under FIFO inventon NASH COMPANY Prepare...
Please help C2 only.
Sage Company was tormed on December 1, 2016. The tollowing intormation is available trom Sage's inventory records tor Product BAR Units Unit Cost anuary 1, 2017 (beginning in Purchases: 684 6.00 anuary 5, 2017 anuary 25, 2017 February 16, 2017 March 26, 2017 1,368 1,482 912 684 7.00 8.00 9.00 10.00 A physical inventory on March 31, 2017, shows 1,824 units on hand. ▼ (a) Your answer is correct. Prepare schedule to compute the ending inventory...