Question
****Can you please show work to solutions this is my second time posting this question the first person got it wrong thank you**** 1. Firm
****Can you please show work to solutions this is my second time posting this question the first person got it wrong thank you****
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: | |||
January 10 | 150 | ||
March 15 | 300 |
Using the data provided, complete the following table:
FIFO - Perpetual | LIFO - Perpetual | Average Cost - Perpetual | FIFO - Periodic | LIFO - Periodic | Average Cost - Periodic | |
COGS | ||||||
Ending Inventory |
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 = _______________
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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