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 | 312 units | at | $30 | April 10 | 212 | |||
July 20 | 312 units | at | 31 | August 20 | 312 | |||
September 4 | 212 units | at | 35 | November 18 | 162 | |||
December 2 | 112 units | at | 37 | December 12 |
212 |
a) Calculate average-cost per unit.
b) Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost.
c) Calculate price index.
d) Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2017, purchase cost is the current cost of inventory. (Hint: The beginning inventory is the base layer priced at $25 per unit.)
Flint Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the...
Exercise 8-19 Larkspur 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 $23 per unit. None of this inventory was sold in 2016. Relevant information is as follows. Ending inventory units December 31, 2016 165 December 31, 2017, by purchase date December 2, 2017 165 July 20, 2017 50 215 During the year 2017, the following purchases and sales were made. Purchases Sales...
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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...
(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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