Question: Otis Corp. uses a periodic system and the FIFO method. Otis had begun an inventory of 30 units purchased at $120 each and made the

Otis Corp. uses a periodic system and the FIFO method. Otis had begun an inventory of 30 units purchased at $120 each and made the following purchases during the year:

Jan. 15: 34 units at $100

May 30: 61 units at $84

Oct. 20: 160 units at $60

Sales during the year totaled 271 units.

Required:

What is the cost of ending inventory?

Step by Step Solution

★★★★★

3.54 Rating (164 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

To calculate the cost of ending inventory using the FIFO FirstIn FirstOut method with a periodic inv... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (2 attachments)

6096d8d80f565_27250.pdf

180 KBs PDF File

6096d8d80f565_27250.docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Otis Corp. uses a periodic system and the FIFO method. Otis had beginning inventory of 30 units purchased at $120 each and made the following purchases during the year: Jan. 15: 34 units at $100 May...

Yeoman Ltd uses process costing and the FIFO method of valuation. The following information for last month relates to Process G, where all the material is added at the beginning of the process:...

From an inventory of 30 cars being shipped to a local automobile dealer, 4 are SUVs. What is the probability that if 4 cars arrive at a particular dealership, a. All 4 are SUVs? b. None are SUVs? c....

Knowledge Check 01 Otis Corporation uses a periodic system and the FIFO method. Otis had beginning inventory of 30 units purchased at $120 each and made the following purchoses during the year:...

Johnson Corporation began the year with inventory of 11,000 units of its only product. The units cost $8 each. The company uses a perpetual inventory system and the FIFO cost method. The following...

Please use the given instructions to complete the tables this is all the data Henkel Industries produces its product in two sequential departments: Blending and Forming. The old controller, who has...

One Product Corp. (OPC) incorporated at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were: $19,780...

Johnson Corporation began the year with inventory of 21,000 units of its only product. The units cost $8 each. The company uses a perpetual inventory system and the FIFO cost method. The following...

Question 6 Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company uses a periodic inventory system. Consider the following information: Date Description...

A On February 3, Smart Company sold merchandise in the amount of $2,400 to Truman Company, with credit terms of 1/10, 1/30. The cost of the items sold Is $1,650. Smart uses the perpetual inventory...

SG Company acquired 80% of Popsters Company on January 1, 2019, when the stockholders equity of Popsters consisted of: Ordinary shares, P100 par P500,000 Paid in capital in excess of par 400,000...

A brass wire of diameter d = 2.42 mm is stretched tightly between rigid supports so that the tensile force is T = 98 N (see figure). The coefficient of thermal expansion for the wire is 19.5 Ã...

Auerbach Incorporated issued 8 % bonds on October 1 , 2 0 2 7 . The bonds have a maturity date of September 3 0 , 2 0 3 7 and a face value of $ 3 5 0 million. The bonds pay interest each March 3 1...

An L-R.C series circuit consists of a source with voltage amplitude 120 V and angular frequency 50.0 radls, a resistor with R = 400 an inductor with L = 9.00 H, and a capacitor with capacitance C....

A holding fixture for a work piece 1 in thick at clamp locations is being designed. The detail of one of the clamps is shown in the figure. A spring is required to drive the clamp upward while...

An L-R-C series circuit is connected to a 120-Hz ac source that has Vrms = 80.0 V. The circuit has a resistance of 75.0 and an impedance at this frequency of 105. What average power is delivered to...

A 250- resistor is connected in series with a 4.80-F capacitor. The voltage across the capacitor is Vc = (7.60V) sin [(120 rad/s)t]. (a) Determine the capacitive reactance of the capacitor. (b)...

The brake shown in the figure has a coefficient of friction of 0.30 and is to operate using a maximum force F of 400 N. If the band width is 50 mm, find the band tensions and the braking torque

Suppose you observe the following exchange rates: Euro 1 = $1.60; GBP 1 = $2.00. Calculate the euro-pound exchange rate: Question 8 options: 1.25 EUR/GBP 1.3333 GBP/EUR 3.00 EUR/GBP 1.3333 EUR/GBP

Knowledge Check 01 Jameson Company uses average cost and a perpetual system. On January 1, the company had 600 units of inventory at an average cost of $55 per unit for a total cost of $33,000. The...

January 20: 800 units at $62 = $49,600 Sales: January 12: 1,200 units January 28: 900 units t is the average cost per unit that should be used to determine the cost of the units sold on January 28?...

Knowledge Check 01 Otis Corporation uses a periodic system and the FIFO method. Otis had beginning inventory of 30 units purchased at $120 each and made the following purchases during the year:...

please help. will thumbs up if correct! Otis Corporation uses a periodic system and the FIFO method. Otis had beginning itventory of 30 units purehased at $120 each and made the following purchases...

Carrington Corp. uses a periodic system and the LIFO method. Carrington had beginning inventory of 30 units purchased at $120 each and made the following purchases during the year: Jan. 15: 34 units...