Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Information related to Churchill Corporation's inventory for December is given below: 1-Dec Beginning inventory 3-Dec Purchase 9-Dec Sale 13-Dec 17-Dec Sale 20-Dec Purchase 26-Dec Sale
Information related to Churchill Corporation's inventory for December is given below: 1-Dec Beginning inventory 3-Dec Purchase 9-Dec Sale 13-Dec 17-Dec Sale 20-Dec Purchase 26-Dec Sale Purchase Purchases Units Unit Cost Total Cost Units 100 90 60 Ending inventory units Ending inventory total dollars 40 $65 $60 110 $55 $50 $6,500 $5,400 $ 5900 $3,300 $2,000 Selling Price/Unit 95 30 Sales 55 Total Sales $ $100 $102 $105 $9,500 Required: Note: please round your answers to a whole number. Do not include "$" or "," in your answers. (Ex: 123456, NOT: $123,456.22) Assume Churchill Corporation uses the perpetual inventory system. Calculate the ending inventory in units and dollars at December 31 using FIFO. $3,060 $5,775
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