am.111. Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown.January 1, 20-- Beginning inventoryMarch 5April 16June 3August 18September 13November 14December 31st purchase2nd purchasea. FIFO3rd purchase4th purchase.5th purchase6th purchase7th purchaseUnits Unit Price Total Cost1,090 $ 8.20$8,9389009.208,2803809.703,686680 10.407,072590 11.106,54980012.109,68042014.205,96450014.257,1255,360$ 57,294There are 1,000 units of inventory on hand on December 31.Required:1. Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:Cost of GoodsSoldCost of EndingInventoryb. LIFOc. Weighted-average (round calculations totwo decimal places)XXX

Name: am.111. Douglas Company's beginning inventory and purchases during the
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Description: am.111. Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown.January 1, 20-- Beginning inventoryMarch 5April 16June 3August 18September 13November 14December 31st purchase2nd purchasea. FIF

The inventory can be valued using various methods as FIFO, LIFO and average method. Using FIFO, the…

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Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown. January 1, 20- Beginning inventory 1,090 $ 8.20 March 5 900 9.20 380 9.70 680 10.40 590 11.10 800 12.10 420 14.20 500 14.25 5,360 April 16 June 3 August 18 September 13 November 14 December 3 1st purchase 2nd purchase 3rd purchase Units Unit Price Total Cost 4th purchase 5th purchase 6th purchase 7th purchase $ 8,938 8,280 3,686 7,072 6,549 9,680 5,964 7,125 $ 57,294 There are 1,000 units of inventory on hand on December 31. Required: 1. Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods: Cost of Goods Sold Cost of Ending Inventory a. FIFO b. LIFO c. Weighted-average (round calculations to two decimal places) X X X X

Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown. January 1, 20- Beginning inventory 1,090 $ 8.20 March 5 900 9.20 380 9.70 680 10.40 590 11.10 800 12.10 420 14.20 500 14.25 5,360 April 16 June 3 August 18 September 13 November 14 December 3 1st purchase 2nd purchase 3rd purchase Units Unit Price Total Cost 4th purchase 5th purchase 6th purchase 7th purchase $ 8,938 8,280 3,686 7,072 6,549 9,680 5,964 7,125 $ 57,294 There are 1,000 units of inventory on hand on December 31. Required: 1. Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods: Cost of Goods Sold Cost of Ending Inventory a. FIFO b. LIFO c. Weighted-average (round calculations to two decimal places) X X X X

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

am.111.

Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown.
January 1, 20-- Beginning inventory
March 5
April 16
June 3
August 18
September 13
November 14
December 3
1st purchase
2nd purchase
a. FIFO
3rd purchase
4th purchase.
5th purchase
6th purchase
7th purchase
Units Unit Price Total Cost
1,090 $ 8.20
$8,938
900
9.20
8,280
380
9.70
3,686
680 10.40
7,072
590 11.10
6,549
800
12.10
9,680
420
14.20
5,964
500
14.25
7,125
5,360
$ 57,294
There are 1,000 units of inventory on hand on December 31.
Required:
1. Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:
Cost of Goods
Sold
Cost of Ending
Inventory
b. LIFO
c. Weighted-average (round calculations to
two decimal places)
X
X
X

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