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) $
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) $
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...
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Question
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 - 1st Purchase |
30
|
$13
|
|
390
|
||
Aug. 6 - 2nd Purchase |
25
|
$14
|
|
350
|
||
Nov. 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) | $ |
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