1/1 1/20 7/25 10/20 2. 3. Beginning Inventory Purchase Purchase Purchase 4. (b) Units 88 440 88 264 880 Unit Cost $4 $5 $7 $8 Total Cost A physical count of inventory on December 31 revealed that there were 308 units on hand. Answer the following independent questions. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 2,520.) $352 2,200 616 2,112 $5,280 Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is Assume that the company uses the average cost method. The value of the ending inventory on December 31 is Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is 4. (a) Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method Would income have been greater or less? $ Greater 2420 1848

1/1 1/20 7/25 10/20 2. 3. Beginning Inventory Purchase Purchase Purchase 4. (b) Units 88 440 88 264 880 Unit Cost $4 $5 $7 $8 Total Cost A physical count of inventory on December 31 revealed that there were 308 units on hand. Answer the following independent questions. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 2,520.) $352 2,200 616 2,112 $5,280 Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is Assume that the company uses the average cost method. The value of the ending inventory on December 31 is Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is 4. (a) Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method Would income have been greater or less? $ Greater 2420 1848

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Description: 1/11/207/2510/201.2.3.4. (a)Beginning InventoryPurchasePurchase4. (b)PurchaseUnits Unit Cost$4$5$7$88844088264880A physical count of inventory on December 31 revealed that there were 308 units on hand.Answer the following independent questions. (Rou

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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Akira Company had the following transactions for the month. Numberof Units Costper Unit Beginning Inventory 150 $10 Purchased Mar. 31 170 15 Purchased Oct. 15 150 18 Ending Inventory 50 ? Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Ending Inventory A. First-in, First-out (FIFO) $fill in the blank 1 B. Last-in, First-out (LIFO) $fill in the blank 2 C. Weighted Average (AVG) $fill in the blank 3
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Inventory records for Capetown, Incorporated revealed the following: Date April 1 April 20 Transaction Beginning Inventory Purchase Number of Units 570 330 Unit Cost $ 2.37 2.72 Capetown sold 590 units of inventory during the month. What is the amount of ending Inventory assuming weighted-average cost? (Round weighted-average unit cost to 4 decimals and round your final answer to the nearest whole dollar.) Multiple Choice $789 $774 $864 $742
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A commercial bank has $200 million of floating-rate loans yielding the T-bill rate plus 2 percent. These loans are financed with $200 million of fixed-rate deposits costing 9 percent. A savings bank has $200 million of mortgages with a fixed rate of 13 percent. They are financed with $200 million in CDs with a variable rate of T-bill rate plus 3 percent. what is the type of interest rate risk each institution faces?