Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 5MC: The moving average inventory cost flow assumption is applicable to which of the following inventory...
Related questions
Question
A5
![The Ivanhoe Store had a beginning inventory on January 1 of 310 full-size strollers at a cost of $210 per unit. During the year, the
following purchases were made:
Mar. 15
July 20
Sept. 4
Dec. 2
Units
78 $211
62
24
Unit Cost
11
210
208
203
At the end of the year, there were 35 units on hand. The Ivanhoe Store uses a periodic inventory system.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6275bc29-4f32-46da-9403-2928cd4fe821%2Fe286874c-8816-4501-831e-a449c4e32dd0%2Fku5tk6h_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The Ivanhoe Store had a beginning inventory on January 1 of 310 full-size strollers at a cost of $210 per unit. During the year, the
following purchases were made:
Mar. 15
July 20
Sept. 4
Dec. 2
Units
78 $211
62
24
Unit Cost
11
210
208
203
At the end of the year, there were 35 units on hand. The Ivanhoe Store uses a periodic inventory system.
![Determine the cost of the ending inventory and the cost of goods sold using (1) FIFO and (2) weighted average. (Round the
weighted average cost per unit to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,275.)
Cost of goods sold
Ending inventory
$
ta
FIFO
Weighted Average](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6275bc29-4f32-46da-9403-2928cd4fe821%2Fe286874c-8816-4501-831e-a449c4e32dd0%2Fyj1h7yl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Determine the cost of the ending inventory and the cost of goods sold using (1) FIFO and (2) weighted average. (Round the
weighted average cost per unit to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,275.)
Cost of goods sold
Ending inventory
$
ta
FIFO
Weighted Average
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