Question
1. Firm B began operations in January 2021. Inventory purchase and sales information for the quarter ended March 31, 2021 is provided below: Purchases: Units
1. Firm B began operations in January 2021. Inventory purchase and sales information for the quarter ended March 31, 2021 is provided below:
Purchases: | Units (#) | Unit Cost | Total Cost |
January 5 | 200 | $ 4.00 | $ 800.00 |
February 5 | 250 | $ 4.25 | $ 1,062.50 |
March 5 | 150 | $ 4.75 | $ 712.50 |
Sales: |
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January 10 | 150 |
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March 15 | 300 |
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Using the data provided, complete the following table:
| FIFO - Perpetual | LIFO - Perpetual | Average Cost - Perpetual | FIFO - Periodic | LIFO - Periodic | Average Cost - Periodic |
COGS |
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Ending Inventory |
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Firm C adopted the dollar-value LIFO method on January 1, 2021 when its inventory had a value of $320,000. Inventory data for 2021 through 2023 are as follows:
Date | Ending Inventory at Year-End Costs | Cost Index |
12/31/2021 | 637,500 | 1.02 |
12/31/2022 | 688,800 | 1.12 |
12/31/2023 | 816,000 | 1.2 |
Using the data provided, calculate the following:
a. Ending inventory for 2021 = _______________
b. Ending inventory for 2022 = _______________
c. Ending inventory for 2023 = _______________
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