Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Jammer Company uses a weighted average perpetual inventory system and reports the following: August 2 August 18 August 29 August 31 Purchase Purchase Sale Purchase
Jammer Company uses a weighted average perpetual inventory system and reports the following: August 2 August 18 August 29 August 31 Purchase Purchase Sale Purchase 22 units at $17.50 per unit. 24 units at $18.00 per unit. 44 units. 27 units at $20.50 per unit. What is the per-unit value of ending inventory on August 31? (Round your per unit answers to 2 decimal places.) Multiple Choice $17.50 $20.50 O $20.31 $17.76 $21.64 Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetua/inventory system. Determine the cost assigned to the ending inventory using FIFO. Units Sold at Retail Units Acquired at Cost 220 units @ $17 255 units @ $19 Date Activities May 1 Beginning Inventory 5 Purchase 10 Sales 15 Purchase 24 Sales 175 units @ $27 135 units @ $20 125 units @ $28 Multiple Choice $6.025 $5,260 $5.825 $5,460 o $5.940 Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual Inventory system. Determine the cost assigned to cost of goods sold using FIFO. Units Sold at Retail Date May 1 5 10 15 24 Activities Beginning Inventory Purchase Sales Purchase Sales Units Acquired at Cost 240 units @ $19 265 units @ $21 185 units @ $29 145 units @ $22 135 units @ $30 Multiple Choice $7075 O $6.240 O $6,855 O O $6 460 o $13.315 Salmone Company reported the following purchases and sales of Its only product. Salmone uses a perpetual Inventory system. Determine the cost assigned to ending Inventory using LIFO. Units Sold at Retail Date May 1 5 10 15 24 Activities Beginning Inventory Purchase Sales Purchase Sales Units Acquired at Cost 250 units @ $10 270 units @ $12 190 units @ $20 150 units @ $13 140 units @ $21 Multiple Choice $7,690 o $3,460 $3.590 O o $4230 O $3,860 Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO. Units Sold at Retail Units Acquired at Cost 310 units @ $16 300 units @ $18 Date May 1 5 10 15 24 Activities Beginning Inventory Purchase Sales Purchase Sales 220 units @ $26 180 units @ $19 170 units @ $27 Multiple Choice $7040 O $6.400 $6,590 O O O $7190 $7,380
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