Hence
Answer:
FIFO (No) Closing Stock Value 4690/-
LIFO (No) Closing Stock Value 4491/-
Weighted Average (No) Closing Stock Value 4420/-
Problem 8-05 (Part Level Submission) Some of the information found on a detail inventory card for...
Some of the information found on a detail inventory card for Novak Inc. for the first month of operations is as follows. If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amounts shown as ending inventory in (1)FIFO, (2)LIFO, and (3)Average Cost above be the same? What amount would be shown as ending inventory? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers...
Some of the information found on a detail inventory card for Oriole Inc. for the first month of operations is as follows. Date January 2 5.06 Received Issued, Balance, No. of Units Unit Cost No. of Units No. of Units 1,700 $4.74 1,700 1.200 500 1,100 1,600 1,000 600 1,500 5.21 800 1,300 1,100 1,800 5.37 2.000 1,300 700 2,100 5.53 2.800 1,800 1,000 200 Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per...
Some of the information found on a detail inventory card for Oriole Inc. for the first month of operations is as follows. Received Date No. of Units Unit Cost Issued, No. of Units Balance, No. of Units January 2 1,700 $4.74 1,700 7 1,200 500 10 1,100 5.06 1,600 13 1,000 600 18 1,500 5.21 800 1,300 20 1,100 200 23 1,800 5.37 2,000 26 1,300 700 28 2,100 5.53 2,800 31 1,800 1,000 Calculate average-cost per unit. (Round answer to...
Some of the information found on a detail inventory card for Shamrock Inc. for the first month of operations is as follows. Received Date No. of Units Unit Cost Issued, No. of Units Balance, No. of Units January 2 1,300 $4.38 1,300 7 800 500 10 700 4.67 1,200 13 600 600 18 1,100 4.82 400 1,300 20 1,100 200 23 1,400 4.96 1,600 26 900 700 28 1,700 5.11 2,400 31 1,400 1,000 Calculate average-cost per unit. (Round answer...
Some of the information found on a detail inventory card for Ayayai Inc. for the first month of operations is as follows. Received Date No. of Units Unit Cost Issued, No. of Units Balance, No. of Units January 2 1,600 $3.75 1,600 7 1,100 500 10 1,000 4.00 1,500 13 900 600 18 1,400 4.13 700 1,300 20 1,100 200 23 1,700 4.25 1,900 26 1,200 700 28 2,000 4.38 2,700 31 1,700 1,000 If the perpetual inventory record is...
Some of the information found on a detail inventory card for Metlock Inc. for the first month of operations is as follows. Date January 2 Received Issued, Balance, No. of Units Unit Cost No. of Units No. of Units 1,700 $3.84 1,700 1,200 500 1,100 4.10 1,600 1,000 600 1,500 800 1,300 1,100 1,800 4.35 2,000 1,300 700 2,100 4.48 2,800 1,800 1,000 4.22 200 Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per unit...
Some of the information found on a detail inventory card for Tamarisk Inc. for the first month of operations is as follows. Received Date No. of Units Unit Cost Issued, No. of Units Balance, No. of Units January 2 1,300 $4.38 1,300 7 800 500 10 700 4.67 1,200 13 600 600 18 1,100 4.82 400 1,300 20 1,100 200 23 1,400 4.96 1,600 26 900 700 28 1,700 5.11 2,400 31 1,400 1,000 1a) Calculate average-cost per unit. 1b) From...
Some of the information found on a detail inventory card for Buffalo Inc. for the first month of operations is as follows. Received Date No. of Units Unit Cost Issued, No. of Units Balance, No. of Units January 2 1,600 $5.10 1,600 7 1,100 500 10 1,000 5.44 1,500 13 900 600 18 1,400 5.61 700 1,300 20 1,100 200 23 1,700 5.78 1,900 26 1,200 700 28 2,000 5.95 2,700 31 1,700 1,000 Calculate average-cost per unit. (Round answer...
Some of the information found on a detail inventory card for Tamarisk Inc. for the first month of operations is as follows. Received Date No. of Units Unit Cost Issued, No. of Units Balance, No. of Units January 2 1,300 $4.38 1,300 7 800 500 10 700 4.67 1,200 13 600 600 18 1,100 4.82 400 1,300 20 1,100 200 23 1,400 4.96 1,600 26 900 700 28 1,700 5.11 2,400 31 1,400 1,000 Calculate average-cost per unit. (Round answer...
I just need to figure out what the moving average cost is for the ending inventory. And if you could include an explanation in how you found the average cost on the 18th that would be great because so far I have this. Just so I can understand how to determine the avg cost for a date that has both a purchase and selling of goods. Date Buy COGS UNITS AVG Cost Inventory Cost 2 1700*3.39 0 1700 3.39 5763...