Question
Zillow was formed on January 1, 2021. The following information is available in Zillow inventory records for Product C: Units Cost per unit January 1,
Zillow was formed on January 1, 2021. The following information is available in Zillow inventory records for Product C:
| Units | Cost per unit | |
| January 1, 2021 | ||
| Initial inventory | 690 | $7.76 |
| Shopping: | ||
| January 14, 2021 | 1,294 | 8.63 |
| May 19, 2021 | 1,035 | 9.06 |
| September 29, 2021 | 518 | 9.49 |
| December 15, 2021 | 776 | 9.92 |
A physical inventory as of December 31, 2021 shows 1,380 units available.
- Calculate ending inventory as of December 31, 2021 using the FIFO method. (8 pts.)
- Calculate ending inventory as of December 31, 2021 using the LIFO method. (6 pts.)
- Calculate ending inventory as of December 31, 2021 using the average cost method. (6 pts.)
Step by Step Solution
3.36 Rating (143 Votes )
There are 3 Steps involved in it
Step: 1
FIFO Method UnitsCost per unitTotal Cost January 1 2021690776547740 January 14 202112948631129412 M...
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
Financial Reporting and Analysis
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
7th edition
1259722651, 978-1259722653
