Question
Marigold Corp. had 1,700 units of part M.O. on hand May 1, 2020, costing $25 each. Purchases of part M.O. during May were as follows.
Marigold Corp. had 1,700 units of part M.O. on hand May 1, 2020, costing $25 each. Purchases of part M.O. during May were as follows.
Units | Units Cost | |||
---|---|---|---|---|
May 9 | 2,200 | $26 | ||
17 | 3,700 | 28 | ||
26 | 1,200 | 29 |
A physical count on May 31, 2020, shows 2,200 units of part M.O. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2020? Using the LIFO method, what is the inventory cost? Using the average-cost method, what is the inventory cost? (Round average cost per unit to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 1,620.)
FIFO | LIFO | Average Cost | ||||
---|---|---|---|---|---|---|
Inventory Cost | $enter a dollar amount rounded to 0 decimal places | $enter a dollar amount rounded to 0 decimal places | $enter a dollar amount rounded to 0 decimal places |
eTextbook and Media
Swifty Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO.
Inventory | At Base-Year Cost | At Current-Year Cost | ||
---|---|---|---|---|
1/1/20 | $201,600 | $201,600 | ||
12/31/20 | 248,900 | 273,790 | ||
12/31/21 | 255,500 | 291,270 |
Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2021? (Round price index to 2 decimal places, e.g. 1.45 and inventory to 0 decimal places, e.g. 6,548.)
December 31, 2021 | ||
---|---|---|
Price Index | enter the price index | |
Dollar-value LIFO inventory | $enter a dollar amount |
eTextbook and Media
Nash Inc., a retail store chain, had the following information in its general ledger for the year 2021.
Merchandise purchased for resale | $898,098 | |
Interest on notes payable to vendors | 7,836 | |
Purchase returns | 14,980 | |
Freight-in | 21,560 | |
Freight-out (delivery expense) | 18,084 | |
Cash discounts on purchases | 7,333 |
What is Nashs inventoriable cost for 2021?
Nashs inventoriable cost for 2021 | $enter Nashs inventoriable cost for 2021 in dollars |
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