Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A company reports the following beginning inventory and two purchases for the month of January, On January 26, the company sells 320 units. Ending inventory
A company reports the following beginning inventory and two purchases for the month of January, On January 26, the company sells 320 units. Ending inventory at January 31 totals 140 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units Unit Cost 290 $2.70 70 2.90 100 3.04 Required: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method Periodic LIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods #o Cost per # of units Available for units unit Sale sold $ 01 Inventory Balance # of units in ending Cost per Ending unit Inventory Inventory Cost of Goods Sold Cost per unit Beg Inventory Purchases January 9 January 25 Total 0 0 $ O $ 0 $ A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 400 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units Unit Cost 360 $3.50 80 3.70 110 3.80 Required: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round per unit costs to 3 decimal places. Amounts to be deducted should be indicated with a minus sign.) Periodic Weighted Average Inventory on hand # of units Cost per Inventory unit Value Cost of Goods Sold # of units Avg.Cost per Cost of sold unit Goods Sold $ 0 0 0 Beginning Inventory Purchase - January 9 Purchase - January 25 Available for Sale January Sales Total 0 $ 0 0 $ 0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started