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
Exercise 20-11 Oriole Leasing Corporation, which uses IFRS 16, signs a lease agreement on January...
Oriole Leasing Corporation, which uses IFRS 16, signs a lease agreement on January 1, 2020, to lease electronic equipment to Wai Corporation, which also uses IFRS 16. The term of the non-cancellable lease is two years and payments are required at the end of each year. The following information relates to this agreement. 1. Wai Corporation has the option to purchase the equipment for $12,400 upon the termination of the lease and this option is reasonably certain to be exercised....
Oriole Leasing Corporation, which uses IFRS 16, signs a lease agreement on January 1, 2020, to lease electronic equipment to Wai Corporation, which also uses IFRS 16. The term of the non-cancellable lease is two years and payments are required at the end of each year. The following information relates to this agreement. 1. Wai Corporation has the option to purchase the equipment for $12,400 upon the termination of the lease and this option is reasonably certain to be exercised....
Exercise 21-11 Laura Leasing Company signs an agreement on January 1, 2017, to lease equipment to Culver Company. The following information relates to this agreement. 1. The term of the noncancelable lease is 5 years with no renewal option. The equipment has an estimated economic life of 5 years. 2. The fair value of the asset at January 1, 2017, is $74,600 3. The asset will revert to the lessor at the end of the lease term, at which time...
Exercise 21-10 Sage Leasing Company signs an agreement on January 1, 2017, to lease equipment to Cole Company. The following information relates to this agreement. 1. The term of the noncancelable lease is 6 years with no renewal option. The equipment has an estimated economic life of 6 years. 2. The cost of the asset to the lessor is $277,000. The fair value of the asset at January 1, 2017, is $277,000. 3. The asset will revert to the lessor...
*Exercise 21A-6 a-b Sage Hill Leasing Company signs a lease agreement on January 1, 2017, to lease electronic equipment to Oriole Company. The term of the non-cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. Oriole has the option to purchase the equipment for $22,500 upon termination of the lease. It is not reasonably certain that Oriole will exercise this option. 2. The equipment has a...
Exercise 21-4 Pronghorn Leasing Company signs a lease agreement on January 1, 2017, to lease electronic equipment to Stellar Company. The term of the noncancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. Stellar Company has the option to purchase the equipment for $16,100 upon termination of the lease. 2. The equipment has a cost and fair value of $164,000 to Pronghorn Leasing Company. The useful...
Exercise 21A-6 a-b Windsor Leasing Company signs a lease agreement on January 1, 2017, to lease electronic equipment to Wildhorse Company. The term of the non- cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. 2. Wildhorse has the option to purchase the equipment for $25,500 upon termination of the lease. It is not reasonably certain that Wildhorse will exercise this option. The equipment has a...
Exercise 21-11 Laura Leasing Company signs an agreement on January 1, 2017, to lease equipment to Novak Company. The following information relates to this agreement. 1. The term of the noncancelable lease is 5 years with no renewal option. The equipment has an estimated economic life of 5 years. 2. The fair value of the asset at January 1, 2017, is $74,100. 3. The asset will revert to the lessor at the end of the lease term, at which time...
Exercise 21A-6 a-b Kingbird Leasing Company signs a lease agreement on January 1, 2017, to lease electronic equipment to Blossom Company. The term of the non-cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement 1. Blossom has the option to purchase the equipment for $20,500 upon termination of the lease. It is not reasonably certain that Blossom will exercise this option. The equipment has a cost of...
Metlock Leasing Company signs a lease agreement on January 1, 2020, to lease electronic equipment to Ivanhoe Company. The term of the non- cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. Ivanhoe has the option to purchase the equipment for $22,000 upon termination of the lease. It is not reasonably certain that Ivanhoe will exercise this option. 2. The equipment has a cost of $240,000...