Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 8-16 Whispering Winds Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10,

image text in transcribed
image text in transcribed
Exercise 8-16 Whispering Winds Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $25 per unit. None of this inventory was sold in 2019. Relevant information for fiscal 2020 is as follows: Ending inventory units: December 31, 2019 130 December 31, 2020, by purchase date -Dec. 2, 2020 130 ---July 20, 2020 32 162 During 2020, the following purchases and sales were made: Purchases Sales Mar. 15 360 units at $25 Apr. 10 240 July 20 360 units at $26 Aug. 20 300 Sept. 4240 units at $29 Nov. 18 190 Dec. 2 130 units at $32 Dec. 12 328 The company uses the periodic inventory method. Determine ending inventory under specific identification Ending inventory s LINK TO TEXT LINK TO TEXT Determine ending inventory under FIFO. Ending inventory 5 LINE TOIT LIMIT PRINTER VERSION (BA July 20 360 units at $26 Aug. 20 300 Sept. 4 240 units at $29 Nov. 18 190 Dec. 2 130 units at $32 Dec. 12 328 The company uses the periodic inventory method. Determine ending inventory under specific identification. Ending inventory $ LINK TO TEXT LINK TO TEXT Determine ending inventory under FIFO. Ending inventory LINK TO TEXT LINK TO TEXT Determine ending inventory under weighted average cost. (Round weighted average cost per unit to 2 decimal places, e.g. 52.75 and final answer to o decimal places, eg. 5,275.) Ending inventory

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

Step: 3

blur-text-image

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 Financial Reporting

Authors: Alan Melville

7th Edition

1292293128, 9781292293127

More Books

Students also viewed these Accounting questions

Question

=+Does it make you feel cool?

Answered: 1 week ago