Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLEASE help answer both parts thank you!!! A company reports the following beginning inventory and two purchases for the month of January. On January 26,

image text in transcribedimage text in transcribedPLEASE help answer both parts thank you!!!

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 Required: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance # of units Cost per unit Cost of Goods Available for Sale Cost per # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory unit Ending Inventory 320 $ 3.00 $ 960 Beg. Inventory Purchases: January 9 January 25 Total 256 80 100 3.20 3.34 334 1,550 500 $ 0 $ 0 $ 0 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 Required: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round per unit costs to 2 decimal places. Amounts to be deducted should be indicated with a minus sign.) Periodic Weighted Average Inventory on hand Cost of Goods Sold # of units Cost per unit Inventory Value # of units sold Avg.Cost per unit Cost of Goods Sold $ 0 0 0 Beginning Inventory Purchase - January 9 Purchase - January 25 Available for Sale January Sales Total 0 0 $ 0 0 $ 0

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

Corporate Financial Reporting And Analysis

Authors: David Young, Jacob Cohen

3rd Edition

1118470559, 9781118470558

More Books

Students also viewed these Accounting questions

Question

What functions might this behavior be serving?

Answered: 1 week ago

Question

Explain the global implications for recruitment.

Answered: 1 week ago

Question

Describe what competencies and competency modeling are.

Answered: 1 week ago

Question

Summarize job design concepts.

Answered: 1 week ago