Answered step by step
Verified Expert Solution
Question
1 Approved Answer
solve it asap please begin{tabular}{|c|c|c|c|c|} hline & & Units & Unit Cost & Total Cost hline/1 & Beginning Inventory & 130 & $4 &
solve it asap please \begin{tabular}{|c|c|c|c|c|} \hline & & Units & Unit Cost & Total Cost \\ \hline/1 & Beginning Inventory & 130 & $4 & $520 \\ \hline 1/20 & Purchase & 650 & $5 & 3250 \\ \hline 7/25 & Purchase & 130 & $7 & 910 \\ \hline \multirow[t]{2}{*}{10/20} & Purchase & 390 & $8 & 3,120 \\ \hline & & 1,300 & & $7,800 \\ \hline \end{tabular} A phisical count of inventory on December 31 fevealed that there were 455 units on hand. Answer the following independent questions. 1 Assume that the company uses the FIFO method, The cost of the ending inventory at December 31 is Aspume that the company uses the average-cost method. The cost of the ending inventory on December 3t is 1 Assume that the companyuses the UFO method. The cost of the ending inventory on December 31 is 4. (a) Determine the alference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started