Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help C2 only. Sage Company was tormed on December 1, 2016. The tollowing intormation is available trom Sage's inventory records tor Product BAR Units

Please help C2 only.image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Sage Company was tormed on December 1, 2016. The tollowing intormation is available trom Sage's inventory records tor Product BAR Units Unit Cost anuary 1, 2017 (beginning in Purchases: 684 6.00 anuary 5, 2017 anuary 25, 2017 February 16, 2017 March 26, 2017 1,368 1,482 912 684 7.00 8.00 9.00 10.00 A physical inventory on March 31, 2017, shows 1,824 units on hand. (a) Your answer is correct. Prepare schedule to compute the ending inventory at March 31. 2017, under FIFO inventory method. SAGE COMPANY COMPUTATION OF INVENTORY FOR PRODUCT BAP UNDER FIFO INVENTORY METHOD March 31, 2017 Units Unit Cost Total Cost Purchases March 26, 2017 10 6840 Purchases February 16, 2017 912 3208 Purchases January 25, 2017 228 1824 Ending Inventory 1824 16872 SHOW ANSWER LINK TO TEXT Attempts: 1 of 3 used (b) Your answer is correct. Prepare schedule to compute the ending inventory at March 31, 2017, under LIFO inventory method. SAGE COMPANY COMPUTATION OF INVENTORY FOR PRODUCT BAP UNDER LIFO INVENTORY METHOD March 31, 2017 Units Unit Cost Total Cost Beginning Inventory 684 4104 Purchases January 5, 2017 1140 7980 Ending Inventory 1824 12084 Attempts: 1 of 3 used (c1) Your answer is correct. Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Weighted average-cost per unit 7.91 (C2) Compute the ending inventory at March 31, 2017, under Weighted-average inventory method. (Round ansiver to 0 decimal places, e.g. 2,760.) Weighted-Average Ending Inventory at March 31, 2017

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions

Question

Explain the concept of test case verdicts.

Answered: 1 week ago