Homework Answers
| (87930+61800+86751)/(9000+6000+8100) | |||||
| average cost | |||||
| 10.23727 | |||||
| cost of ending inventory | |||||
| 10.23727*4500 | |||||
| 46067.73 | |||||
| answer) | option a | ||||
| 46067 | |||||
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Question 4 The following information was available from the inventory records of Rich Company for January: Units 9000 U...
The following information was available from the inventory record of Rich COmpany for January: A. assuming...
The following information was available from the inventory
record of Rich COmpany for January:
A. assuming that rich mainains periodic inventory records, what
should be the inventory at Jan 31, using the fifo, lifo, and
average cost inventory method, rounded to the nearest dollar.
B. assuming that rich maintains perpetual inventory records,
what should be the inventory at Jan 31, using the fifo, lifo, and
average cost inventory method, rounded to the nearest dollar? (avg
cost method not required for...
se the following information to answer question 11 and 12. The following information was available from...
se the following information to answer question 11 and 12. The following information was available from the inventory records of Rich Company fo January: Units Unit Cost Balance at January 1 Purchases: Total Cost $29,310 3,000 $9.77 January 6 2,000 $10.30 $20,600
1. Sheffield Corp. adopted the dollar-value LIFO method of inventory valuation on December 31, 2016. Its...
1. Sheffield Corp. adopted the dollar-value LIFO method of inventory valuation on December 31, 2016. Its inventory at that date was $1,120,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Date Inventory at Current Prices Current Price Index December 31, 2017 $1,293,630 107 December 31, 2018 1,413,350 115 December 31, 2019 1,590,000 125 What is the cost of the ending inventory at December 31, 2019 under dollar-value LIFO? A. $1,209,000 B. $1,293,630...
Sage Company was formed on December 1,2016. The following information is available from Sage's inventory records...
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 744 $8.00 January 5, 2017 January 25,2017 February 16, 2017 March 26, 2017 1,488 1,612 992 744 9.00 10.00 11.00 12.00 A physical inventory on March 31, 2017, shows 1,984 units on hand Prepare schedule to compute the ending inventory at March 31,2017, under FIFO inventory method SAGE COMPANY COMPUTATION OF INVENTORY FOR...
Martinez Company was formed on December 1, 2016. The following information is available from Martinez’s 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...
Buffalo Company was formed on December 1, 2016. The following Information is available from Buffalo's 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...
Pearl Company was formed on December 1, 2016. The following information is available from Pearl's...
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...
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 340 units. Ending inventory at January 31 totals 140 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 310 70 100 Unit Cost $ 2.90 3.10 3.24 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round...
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 370 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 330 80 110 Unit Cost $ 3.20 3.40 3.50 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round...
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round...
The following information was available from the inventory
record of Rich COmpany for January:
A. assuming that rich mainains periodic inventory records, what
should be the inventory at Jan 31, using the fifo, lifo, and
average cost inventory method, rounded to the nearest dollar.
B. assuming that rich maintains perpetual inventory records,
what should be the inventory at Jan 31, using the fifo, lifo, and
average cost inventory method, rounded to the nearest dollar? (avg
cost method not required for...
se the following information to answer question 11 and 12. The following information was available from the inventory records of Rich Company fo January: Units Unit Cost Balance at January 1 Purchases: Total Cost $29,310 3,000 $9.77 January 6 2,000 $10.30 $20,600
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 744 $8.00 January 5, 2017 January 25,2017 February 16, 2017 March 26, 2017 1,488 1,612 992 744 9.00 10.00 11.00 12.00 A physical inventory on March 31, 2017, shows 1,984 units on hand Prepare schedule to compute the ending inventory at March 31,2017, under FIFO inventory method SAGE COMPANY COMPUTATION OF INVENTORY FOR...
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...
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...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 340 units. Ending inventory at January 31 totals 140 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 310 70 100 Unit Cost $ 2.90 3.10 3.24 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 370 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 330 80 110 Unit Cost $ 3.20 3.40 3.50 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round...
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