Question
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
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
Fundamentals Of Information Risk Management Auditing An Introduction For Managers And Auditors
Authors: Chris Wright
1st Edition
978-1849288156
