Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For c2, i know the formula is the cost of goods available for sale/ total number of units in inventory. I can not figure out

For c2, i know the formula is the cost of goods available for sale/ total number of units in inventory. I can not figure out how to compute this part.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
Dorothy Taylor Company was formed on December 1, 2019. The following information is available from Taylor's inventory records for Product BAP. Units Unit Cost January 1, 2020 (beginning inventory) 840 $9 Purchases: January 5, 2020 1,680 10 January 25, 2020 1,820 11 February 16, 2020 1,120 12 March 26, 2020 840 13 A physical inventory on March 31, 2020, shows 2,240 units on hand.Prepare schedule to compute the ending inventory at March 31, 2020, under FIFO inventory method. DOROTHY TAYLOR COMPANY COMPUTATION OF INVENTORY FOR PRODUCT BAP UNDER FIFO INVENTORY METHOD March 31, 2020 Units Unit Cost Total Cost Purchases March 26, 2020 840 13 $ 10920 Purchases February 16, 2020 1120 12 13440 Purchases January 25, 2020 280 11 3080 Ending Inventory 2240 $ 27440Prepare schedule to compute the ending inventory at March 31, 2020, under LIFO inventory method. DOROTHY TAYLOR COMPANY COMPUTATION OF INVENTORY FOR PRODUCT BAP UNDER LIFO INVENTORY METHOD March 31, 2020 Units Unit Cost Total Cost Beginning Inventory 840 $ 9 to 7560 Purchases January 5, 2020 1400 10 14000 Ending Inventory 2240 $ 21560Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Weighted average-cost per unit tA 10.91Compute the ending inventory at March 31, 2020, under Weighted-average inventory method. (Round answer to O decimal places, e.g. 2,760.) Weighted-Average Ending Inventory at March 31, 2020

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_2

Step: 3

blur-text-image_3

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

Core Concepts Of Accounting

Authors: Leslie Breitner, Robert Anthony

11th Edition

0133125947, 9780133125948

More Books

Students also viewed these Accounting questions

Question

A greater tendency to create winwin situations.

Answered: 1 week ago

Question

Improving creative problem-solving ability.

Answered: 1 week ago