Question
The following information is available for Quest Company: Mar. 1 Beginning inventory 15 units @ $12.00 per unit Mar. 9 Purchase 10 units @ $16.00
The following information is available for Quest Company:
| Mar. 1 | Beginning inventory | 15 units @ $12.00 per unit |
| Mar. 9 | Purchase | 10 units @ $16.00 per unit |
| Mar. 14 | Sale | 6 units |
| Mar. 20 | Purchase | 6 units@ $18.00 per unit |
| Mar. 26 | Sale | 9 units |
Required:
Answer the following questions for Quest Company:
| a. | If FIFO is in use, what is the ending inventory in dollars? | |
| b. | If periodic LIFO is in use, what is the cost of goods sold? | |
| c. | If moving average is in use, what is the ending inventory in dollars (round calculations to the nearest cent)? | |
| d. | If weighted average is in use, what is the ending inventory in dollars (round unit cost to the nearest tenth of a cent)? |
Step 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
Wiley Federal Government Auditing Laws Regulations Standards Practices And Sarbanes Oxley
Authors: Cornelius E. Tierney, Edward F. Kearney, Roldan Fernandez, Jeffrey W. Green, Kearney & Company
1st Edition
0471740489, 978-0471740483
