Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On 01/01 (beginning of the year), a company had 2.100 units of inventory with a $3 cost per unit. During the year the company

image text in transcribed

On 01/01 (beginning of the year), a company had 2.100 units of inventory with a $3 cost per unit. During the year the company purchased a total of 15,500 units, as follows: on 01/22: 2,750 units at $3.50 cost per unit on 03/07: 2,400 units at $4.50 cost per unit on 06/20: 2,700 units at $6 cost per unit on 07/13: 2,600 units at $6.30 cost per unit on 09/24: 2,480 units at $7 cost per unit on 12/16: 2,570 units at $7.50 cost per unit During the year, the company sold a total of 9,420 units, as follows: on 04/19: 3,000 units for $9.50 selling price per unit on 11/05: 3,280 units for $8 selling price per unit on 12/27: 3,140 units for $10.25 selling price per unit Assume a periodic inventory system & FIFO costing What is the total cost of ending inventory (Dec 31]? (Do not include any words or signs in your answer, enter number only) $ What is total sales revenue for the year? (Do not include any words or signs in your answer; enter number only) $

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

Horngrens Financial and Managerial Accounting

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

5th edition

9780133851281, 013385129x, 9780134077321, 133866297, 133851281, 9780133851298, 134077326, 978-0133866292

More Books

Students also viewed these Accounting questions