Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following Inventory was purchased throughout the month of January for Angie'sRibbons Corp. DATE Ribbons PriceperRibbon 2-Jan 500 $1.00 10-Jan 1,000 $2.00 20-Jan 500. $2.00

The following Inventory was purchased throughout the month of January for Angie'sRibbons Corp.

DATE Ribbons PriceperRibbon

2-Jan 500 $1.00

10-Jan 1,000 $2.00

20-Jan 500. $2.00

30-Jan 1,000. $3.00

(a) Assume no sales of ribbons occurred in the month of January. What is the total dollar value of the ending inventory? What is the average price paid per Ribbon?

(b) Now assume 2,000 ribbons were sold on Jan 31st. What is the value of the remaining inventory using the LIFO method? What is the value of the remaining inventory using the FIFO method? What is the value of the remaining inventory using Average Cost?

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

More Books

Students also viewed these Accounting questions