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Please help! Bonita Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019,
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Bonita Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $23 per unit. None of this inventory was sold in 2019. Relevant information is as follows. 150 Ending inventory units December 31, 2019 December 31, 2020, by purchase date December 2, 2020 July 20, 2020 150 50 200 During the year 2020, the following purchases and sales were made. Purchases March 15 350 units at $27 July 20 350 units at 28 September 4 250 units at 32 December 2 150 units at 34 Sales April 10 250 August 20 350 November 18 200 December 12 250 The company uses the periodic inventory method. Calculate average cost per unit. (Round answer to 2 decimal places, e.e. 2.76.) Average-cost Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost. (Round answers to 0 decimal places, e.g. 2,760.) FIFO LIFO Average-Cost Specific Identification Ending Inventory $ Calculate price index. (Round answer to 4 decimal places, e.g. 2.7653.) Price Index Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2020, purchase cost is the current cost of inventory. (Hint: The beginning inventory is the base layer priced at $23 per unit.) (Round answer to 0 decimal places, e.g. 2,760.) Ending inventory at dollar-value LIFOStep by Step Solution
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