Please do not give solution in image format thanku Ayayai Corporation began operations on December 1, 2022. The only inventory transaction in 2022 was the purchase of inventory onDecember 10, 2022, at a cost of $20 per unit. None of this inventory was sold in 2022. Relevant information for fiscal 2023 is asfollows:Ending inventory units:Dec. 31, 2022Dec 31, 2023, by purchase dateDec. 2, 2023July 20, 2023PurchasesMar. 15July 20Sept 4Dec.During 2023, the following purchases and sales were made:310 units at $24310 units at $26210 units at $28100 units at $3010030100Ending inventory $130SalesApr.200Aug 20 270Nov.1018The company uses the periodic inventory method,160Dec. 12 270Determine ending inventory under weighted average cost. (Round weighted average cost per unit to 2 decimal places, e.g.52.75 and final answer to 0 decimal places, e.g. 5,275)

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Description: Please do not give solution in image format thanku Ayayai Corporation began operations on December 1, 2022. The only inventory transaction in 2022 was the purchase of inventory onDecember 10, 2022, at a cost of $20 per unit. None of this inventory wa

Inventory -The term "inventory" refers to the products that are for sale as well as the raw…

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Ayayai Corporation began operations on December 1, 2022. The only inventory transaction in 2022 was the purchase of inventory December 10, 2022, at a cost of $20 per unit. None of this inventory was sold in 2022. Relevant information for fiscal 2023 is as follows: Ending inventory units: Dec. 31, 2022 Dec. 31, 2023, by purchase date Dec. 2, 2023 July 20, 2023 100 30 100 130

Ayayai Corporation began operations on December 1, 2022. The only inventory transaction in 2022 was the purchase of inventory December 10, 2022, at a cost of $20 per unit. None of this inventory was sold in 2022. Relevant information for fiscal 2023 is as follows: Ending inventory units: Dec. 31, 2022 Dec. 31, 2023, by purchase date Dec. 2, 2023 July 20, 2023 100 30 100 130

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 11P: Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015....

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Schmidt Company began operations on January 1, 2018, and used the LIFO inventory method for both financial reporting and income taxes. However, at the beginning of 2020, Schmidt decided to switch to the average cost inventory method for financial and income tax reporting. It had previously reported the following financial statement information for 2019: An analysis of the accounting records discloses the following cost of goods sold under the LIFO and average cost inventory methods: There are no indirect effects of the change in inventory method. Revenues for 2020 total 130,000; operating expenses for 2020 total 30,000. Schmidt is subject to a 21% income tax rate in all years; it pays all income taxes payable in the next quarter. Assume that any deferred tax liability was paid in the subsequent year. Schmidt had 10,000 shares of common stock outstanding during all years; it paid dividends of 1 per share in 2020. At the end of 2020, Schmidt had cash of 15,600, inventory of 34,000, other assets of 76,000, income taxes payable of 4,200, and accounts payable of 3,000. It desires to show financial statements for the current year and previous year in its 2020 annual report. Required: 1. Prepare the journal entry to reflect the change in method at the beginning of 2020. Show supporting calculations. 2. Prepare the 2020 financial statements. Notes to the financial statements are not necessary. Show supporting calculations.
The cost of the inventory on January 31, 2019, under the FIFO method is: a. 400 b. 2,700 c. 3,100 d. 3,200
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