Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Skysong Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a

image text in transcribed

Skysong 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 $22 per unit. None of this inventory was sold in 2019. Relevant information is as follows. 135 Ending inventory units December 31, 2019 December 31, 2020, by purchase date December 2, 2020 July 20, 2020 135 50 185 During the year 2020, the following purchases and sales were made. Purchases March 15 335 units at $26 July 20 335 units at 28 September 4 235 units at 31 December 2135 units at 33 Sales April 10 235 August 20 335 November 18 185 December 12 235 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.) Specific Identification FIFO LIFO Average-Cost Ending Inventory $L 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 $22 per unit.) (Round answer to O decimal places, e.g. 2,760.) Ending inventory at dollar-value LIFO

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

Accounting And Auditing Research Tools And Strategies

Authors: Thomas R. Weirich, Thomas C. Pearson, Natalie Tatiana Churyk

7th Edition

9780470506974

More Books

Students also viewed these Accounting questions