R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units Unit Price Total CostJan. 1 - Beginning inventory 20 $12 $240Apr. 2 - 1st Purchase 30 $13 390Aug. 6 - 2nd Purchase 25 $14 350Nov. 9 - 3rd Purchase 25 $18 450 $1,430 There are 20 units of inventory on hand at December 31, 20--.1. Calculate the total amount to be assigned to the ending inventory under each of the following methods: a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $

Name: R. & K. Company's beginning inventory and purchases during the fiscal
Uploaded: 2024-03-20T06:32:37.000Z
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Description: R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units Unit Price Total CostJan. 1 - Beginning inventory 20 $12 $240Apr. 2 - 1st Purchase 30 $13 390Aug. 6 - 2nd Purchase 25 $14 35

Requirement a: Compute the amount of ending inventory under FIFO method.

Answered: 1. Calculate the total amount to be…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows:

	Units	Unit Price	Total Cost
Jan. 1 - Beginning inventory	20	$12	$240
Apr. 2 - 1^st Purchase	30	$13	390
Aug. 6 - 2^nd Purchase	25	$14	350
Nov. 9 - 3^rd Purchase	25	$18	450
			$1,430

There are 20 units of inventory on hand at December 31, 20--.

1. Calculate the total amount to be assigned to the ending inventory under each of the following methods:

a. First-in, first-out (FIFO)		$
b. Last-in, first-out (LIFO)		$

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