Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

36. Inventory records for TIM Incorporated revealed the following: NumberUnit Date Transaction of UnitsCost Apr. 1 Beginning inventory 200 $17.50 Apr. 10 Purchase 950 $17.90

image text in transcribed
image text in transcribed
36. Inventory records for TIM Incorporated revealed the following: NumberUnit Date Transaction of UnitsCost Apr. 1 Beginning inventory 200 $17.50 Apr. 10 Purchase 950 $17.90 TIM sold 1,125 units of inventory during the month. Ending inventory assuming LIFO would be $ 37. Inventory records for TAR Company revealed the following: NumberUnit Date Transaction of UnitsCost Mar. 1 Beginning inventory 75 $51.15 Mar. 6 Purchase 325 $51.30 Mar. 16 Purchase 400 $52.00 Mar. 23 Purchase 300 $52.00 TAR sold 1,050 units of inventory during the month. Ending inventory assuming FIFO would be $ 38. Inventory records for STC Company revealed the following: Number Unit Total Cost Date Transaction of Units Cost Mar. 1 Beginning inventory 100 $32.50 $3,250.00 Mar. 13 Purchase 900 $33.00 29.700.00 1,000 $32,950.00 STC sold 980 units. Ending inventory assuming Weighted Average would be $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Public Financial Management Essentials Of Public Sector Accounting

Authors: Gary Bandy

1st Edition

081535634X, 978-0815356349

More Books

Students also viewed these Accounting questions

Question

Explain limitations on confidentiality inherent in group therapy.

Answered: 1 week ago