Corporation began operations on December 1, 2016. The only inventory transa ction in 2016 was the purchase or inventory Decem 10, 2016, at of $24 per unit. None of this rentory was sold 16. Relevant information is as follows. Ending inventory units December 31, 2016 175 December 31, 2017, by purchase date December 2, 2017 175 July 20, 2017 50 225 During the year 2017, the following purchases and sales were made. Purchases 375 units at $28 Sales March 15 April 10 275 July 20 375 units at 30 August 20 375 September 4 275 units at 33 November 18 225 December 2 175 units at 35 December 12 275 The company uses the periodic inventory method. Calculate average-cost per unit. (Round answer to 2 decimal places, e.e. 2.76.) Average-cost Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost. (Round answers to 0 decimal places, e.g. 2,760.) Specific Identification FIFO LIFO Average-Cost Ending Inventory Calculate price index. (Round answer to 4 decimal places, e.g. 2.7653.) Price Index Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2017, purchase cost is the current cost of inventory. (Hint: The beginning inventory is the base layer priced at $24 per unit.) (Round answer to 0 decimal places, e.g. 2,760.) Ending inventory at dollar-value LIFO
Corporation began operations on December 1, 2016. The only inventory transa ction in 2016 was the purchase or inventory Decem 10, 2016, at of $24 per unit. None of this rentory was sold 16. Relevant information is as follows. Ending inventory units December 31, 2016 175 December 31, 2017, by purchase date December 2, 2017 175 July 20, 2017 50 225 During the year 2017, the following purchases and sales were made. Purchases 375 units at $28 Sales March 15 April 10 275 July 20 375 units at 30 August 20 375 September 4 275 units at 33 November 18 225 December 2 175 units at 35 December 12 275 The company uses the periodic inventory method. Calculate average-cost per unit. (Round answer to 2 decimal places, e.e. 2.76.) Average-cost Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost. (Round answers to 0 decimal places, e.g. 2,760.) Specific Identification FIFO LIFO Average-Cost Ending Inventory Calculate price index. (Round answer to 4 decimal places, e.g. 2.7653.) Price Index Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2017, purchase cost is the current cost of inventory. (Hint: The beginning inventory is the base layer priced at $24 per unit.) (Round answer to 0 decimal places, e.g. 2,760.) Ending inventory at dollar-value LIFO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2017, purchase cost is the current cost of inventory. (Hint: The beginning inventory is the base layer priced at $24 per unit.)
Transcribed Image Text:Swifty Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a cost of $24 per unit. None of this inventory was sold in 2016. Relevant information is
as follows.
Ending inventory units
December 31, 2016
175
December 31, 2017, by purchase date
December 2, 2017
175
July 20, 2017
50
225
During the year 2017, the following purchases and sales were made.
Purchases
Sales
March 15
375 units at $28
April 10
275
July 20
375 units at
30
August 20
375
September 4 275 units at
33
November 18 225
December 2 175 units at
35
December 12 275
The company uses the periodic inventory method.
Calculate average-cost per unit. (Round answer to 2 decimal places, e.e. 2.76.)
Average-cost
$
Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost. (Round answers to 0 decimal places, e.g. 2,760.)
Specific Identification
FIFO
LIFO
Average-Cost
Ending Inventory
$1
$
Calculate price index. (Round answer to 4 decimal places, e.g. 2.7653.)
Price Index
Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2017, purchase cost is the current cost of inventory. (Hint: The beginning inventory is the base layer priced at $24 per unit.) (Round answer to 0 decimal
places, e.g. 2,760.)
Ending inventory at dollar-value LIFO
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