Steward Inc. had a beginning inventory on January 1 of 400 units of product MLN at a

Question:

Steward Inc. had a beginning inventory on January 1 of 400 units of product MLN at a cost of $18 per unit. During the year, purchases were as follows:

Steward Inc. had a beginning inventory on January 1 of

Steward uses a periodic inventory system. At the end of the year, a physical inventory count determined that there were 400 units on hand.
Instructions
(a) Determine the cost of goods available for sale.
(b) Determine the cost of the ending inventory and the cost of goods sold using
(1) FIFO
(2) Average cost.
(Use unrounded numbers in your calculation of the average unit cost but round to the nearest cent for presentation purposes in your answer.)

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula                Ending Inventory Formula =...
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Related Book For  book-img-for-question

Financial Accounting Tools for Business Decision Making

ISBN: 978-1118644942

6th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

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