Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Help needed asap E 13-5A (LO3) V 1. End. inv., FIFO: $300.00 Weighted avg.: $242.50 10 30 LOWER-OF-COST-OR-MARKET Stalberg Company's beginning inventory and purchases during

Help needed asap
image text in transcribed
E 13-5A (LO3) V 1. End. inv., FIFO: $300.00 Weighted avg.: $242.50 10 30 LOWER-OF-COST-OR-MARKET Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31, 20-, were as follows: Units Unit Price Total Cost Jan. 1 Beginning inventory 10 Mar. 5 $20 $200 1st purchase 22 220 Sept. 9 2nd purchase 10 25 250 Dec. 8 3rd purchase 10 300 40 $970 There are 10 units of inventory on hand on December 31. 1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods: (a) FIFO (b) Weighted average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Stalberg's inventory on December 31, 20-, was $26. 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-market 3. What journal entry would be made under lower-of-cost-or-market for parts 2(a) and (b) above

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

Accounting Theory

Authors: Ahmed Raihi-Belkaoui

5th Edition

1844800296, 978-1844800292

More Books

Students also viewed these Accounting questions