Below is a summary of the beginning inventory and purchases. A physical count revealed that there were 3,300 units on hand. Use periodic inventory procedure.

Inventory, 1/1 2,100 units at $5.50

Purchases: February 10 May 4 August 21 November 8

Required:

950 units at $5.70 1,650 units at $5.60 1,100 units at $5.40 1,400 units at $5.80

(Show your work using the templates provided for chapter 7 HW)

a. Calculate the ending inventory and cost of goods sold using the FIFO method.

b. Calculate the ending inventory and cost of goods sold using the LIFO method.

c. Calculate the ending inventory and cost of goods sold using the weighted-average method.

Reissner - Exam 2.xlsx (https://uncc.instructure.com/files/6911869/download)

Diaz Company employs a job cost system. As of January 1, 2019, its records showed the following inventory balances:

Question 29

Not yet graded / 14 pts

Materials

Work in process

Finished goods (30,000 units @ $3)

$31,500 56,500 90,000

The work in process inventory consisted of two jobs:

Job No. 378 379

Direct Direct Materials Labor $7,000 $12,000 9,000 15,000 $16,000 $27,000

Manufacturing Overhead Total

$ 6,000 $25,000 7,500 31,500 $13,500 $56,500

Summarized below are the production and sales data for the company for

2019:

1. Materials purchased $95,000
2. Materials requisitioned: direct materials for Job No. 378, $16,000; for

Job No. 379, $32,000; and Job No. 380, $36,000; supplies (indirect materials) requisitioned, $4,500.

3. Factory payroll distributed: direct labor to Job No. 378, $30,000; to Job No. 379, $45,000; and to Job No.380, $60,000; indirect labor, $15,000

4. Manufacturing overhead is assigned to work in process at $0.50 per dollar of direct labor (the same rate as in 2018)

1. Job Nos. 378 and 379 were completed
2. Factory indirect costs (other than indirect labor and indirect materials);

depreciation, $7,000; heat, light, and power, $3,000; and miscellaneous, $5,000.

7. Sales for the year amounted to $320,000; cost of goods sold, $197,000.

Required:

Use T-accounts to illustrate the journal entries for the above summarized transactions