Question
The company uses the periodic inventory method. (a2) Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost. (Round answer to
The company uses the periodic inventory method.
(a2) Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost. (Round answer to 0 decimal places, e.g. 2,760.)
(b1) Calculate price index. (Round answer to 4 decimal places, e.g. 2.7600.)
(b2) 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 $26 per unit.) (Round answer to 0 decimal places, e.g. 2,760.)
PLEASE HELP ME. I have posted this twice already, the other person to answer it got it incorrect. The second person just copied the first person's answers and pasted it. I just need some help.
Novak 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 $26 per unit. None of this inventory was sold in 2019. Relevant information is as follows. Ending inventory units December 31, 2019 137 December 31, 2020, by purchase date December 2, 2020 137 July 20, 2020 50 187 During the year 2020, the following purchases and sales were made. Purchases Sales March 15 337 units at $31 April 10 237 July 20 337 units at 32 August 20 337 September 4 237 units at 36 November 18 187 December 2 137 units at 39 December 12 237 The company uses the periodic inventory methodStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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