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Can you help me with this problem please R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20, were
Can you help me with this problem please
R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20, were as follows: Jan. 1 - Beginning inventory Apr. 2- 1st Purchase Aug. 6- 2nd Purchase Nov. 9- 3rd Purchase Units 20 30 25 25 Unit Price $12 $13 $14 $18 Total Cost $240 390 350 450 1,430 There are 20 units of inventory on hand at December 31, 20--. 1. Calculate the total amount to be assigned to the ending inventory under each of the following methods: a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) 2. Assume the market price per unit (cost to replace) of the R. &. K. Company's inventory on December 31, was $16. Calculate the total amount to be assigned to the ending inventory on December 31, under each of the following methods a. FIFO lower-of-cost-or-market b. Weighted-average lower-of-cost-or-marketStep by Step Solution
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