Prepare the liability and the stockholders equity section of Cleve's balance sheet at December 31, 2020 including disclosures. Given the information above.
Homework Answers
solution:
1.ending inventory specific identification
| date | units | $/unit | total cost |
| 02-12-2017 | 170 | 35 | 5950 |
| 20-07-2017 | 50 | 29 | 1450 |
| 220 | 7400 |
2.ending inventory FIFO
| date | units | $/unit | total cost |
| 02-12-2017 | 170 | 35 | 5950 |
| 04-09-2017 | 50 | 29 | 1450 |
| 220 | 7400 |
ending inventory weighted averge method :
| date | units | $/unit | total cost |
| beggining | 170 | 23 | 3910 |
| 15 march | 370 | 28 | 10360 |
| 20 july | 370 | 29 | 10730 |
| 04 sep | 270 | 33 | 8910 |
| 2 december | 170 | 35 | 5950 |
| 1350 | $29.30 | 39860 |
average cost per unit = $3986/1350
= $29.30
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