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 method. NOVAK COMPANY COMPUTATION OF INVENTORY FOR PRODUCT BAP UNDER FIFO INVENTORY METHOD March 31, 2017 Units Unit Cost Total Cost $ $ $ Prepare schedule to compute the ending inventory at March 31, 2017, under LIFO inventory method. NOVAK COMPANY COMPUTATION OF INVENTORY FOR PRODUCT BAP UNDER LIFO INVENTORY METHOD March 31, 2017 Units Unit Cost Total Cost $ $ $ Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Weighted average-cost per unit $ Compute the ending inventory at March 31, 2017, under Weighted-average inventory method. (Round answer to 0 decimal places, e.g. 2,760.) Weighted-Average Ending Inventory at March 31, 2017 $
1.
NOVAK COMPANY COMPUTATION OF INVENTORY FOR PRODUCT BAP UNDER FIFO INVENTORY METHOD March 31, 2017 |
|||
Date | Unit | Unit cost | Amount |
January 25 | 206 | $8 | $1,648 |
February 16 | 824 | 9 | 7,416 |
March 26 | 618 | 10 | 6,180 |
Ending inventory | 1,648 | $15,244 |
2.
NOVAK COMPANY COMPUTATION OF INVENTORY FOR PRODUCT BAP UNDER LIFO INVENTORY METHOD March 31, 2017 |
|||
Date | Unit | Unit cost | Amount |
January 1 | 618 | $6 | $3,708 |
January 5 | 1,030 | 7 | 7,210 |
Ending inventory | 1,648 | $10,918 |
3.
NOVAK COMPANY March 31, 2017 |
|||
Date | Unit | Unit cost | Amount |
January 1 | 618 | $6 | $3,708 |
January 5 | 1,236 | 7 | 8,652 |
January 25 | 1,339 | 8 | 10,712 |
February 16 | 824 | 9 | 7,416 |
March 26 | 618 | 10 | 6,180 |
Total | 4,635 | $36,668 |
Weighted Average cost per unit = $36,668 / 4,635 = $7.91 per unit
Weighted average Ending inventory = 1,648*$7.91 = $13,036
Exercise 8-12 Novak Company was formed on December 1, 2016. The following information is available from...
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...
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...
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...
Exercise 8-12 Carol Garcia Company was formed on December 1, 2019. The following information is available from Garcia's inventory records for Product BAP Units Unit Cost January 1, 2020 (beginning inventory) 1,320 7 Purchases: January 5, 2020 January 25, 2020 February 16, 2020 2,640 8 2,860 9 1,760 10 March 26, 2020 1,320 11 A physical inventory on March 31, 2020, shows 3,520 units on hand. Prepare schedule to compute the ending inventory at March 31, 2020, under FIFO inventory...
Martinez Company was formed on December 1, 2016. The following information is available from Martinez’s inventory records for Product BAP. Units Unit Cost January 1, 2017 (beginning inventory) 696 $ 6.00 Purchases: January 5, 2017 1,392 7.00 January 25, 2017 1,508 8.00 February 16, 2017 928 9.00 March 26, 2017 696 10.00 A physical inventory on March 31, 2017, shows 1,856 units on hand. Collapse question part (a) Prepare schedule to compute the ending inventory at March 31, 2017, under...
Exercise 8-12 Company was formed on December 1, 2016. The following information is available from Skysong's inventory records for Product BAP. UnitsUnit Cost January 1, 2017 (beginning inventory) Purchases: 750 $ 8.00 January 5, 2017 January 25, 2017 February 16, 2017 March 26, 2017 1,500 1,625 1,000 750 9.00 10.00 11.00 12.00 A physical inventory on March 31, 2017, shows 2,000 units on hand Prepare schedule to compute the ending inventory at March 31, 2017, under FIFO inventory method. SKYSONG...
Nancy Jackson Company was formed on December 1, 2019. The following information is available from Jackson's inventory records for Product BAP. Units Unit Cost 960 7 January 1, 2020 (beginning inventory) Purchases: January 5, 2020 January 25, 2020 February 16, 2020 March 26, 2020 1,920 2,080 1,280 960 A physical inventory on March 31, 2020, shows 2,560 units on hand. Prepare schedule to compute the ending inventory at March 31, 2020, under FIFO inventory method. NANCY JACKSON COMPANY COMPUTATION OF...
Lisa Anderson Company was formed on December 1, 2019. The following information is available from Anderson's inventory records for Product BAP. Units 900 Unit Cost January 1, 2020 (beginning inventory) Purchases: January 5, 2020 January 25, 2020 February 16, 2020 March 26, 2020 1,800 1,950 1,200 900 A physical inventory on March 31, 2020, shows 2,400 units on hand. January 5, 2020 January 25, 2020 February 16, 2020 March 26, 2020 1,800 1,950 1,200 900 A physical inventory on March...
Sage Company was formed on December 1, 2016. The following information is available from Sage's inventory records for Product BAP. Units Unit Cost January 1, 2017 (beginning inventory) Purchases: 684 $ 6.00 January 5, 2017 January 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) Prepare schedule to compute the ending inventory at March 31, 2017, under FIFO inventory...
Exercise 8-12 (Part Level Submission) Culver Company was formed on December 1, 2016. The following information is available from Culver’s inventory records for Product BAP. Units Unit Cost January 1, 2017 (beginning inventory) 684 $ 6.00 Purchases: January 5, 2017 1,368 7.00 January 25, 2017 1,482 8.00 February 16, 2017 912 9.00 March 26, 2017 684 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...