Explain the following : 1. RAAS Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Units Per unit price Total Balance, 1/1/20 200 $5.00 $1,000 Purchase, 1/15/20 100 5.30 530 Purchase, 1/28/20 100 5.50 550 An end of the month (1/31/20) inventory showed that 150 units were on hand. what is the value of the ending inventory? a) FIFO method b) LIFO method 2. Compare periodic inventory system with perpetual inventory system with an example. 3. Explain three different methods of inventory costing methods with examples 4. On May 1, 2021, Xelant Company had beginning inventory consisting of 200 units with a unit cost of $7. During May, the company purchased inventory as follows: 800 units at $7 600 units at $8 The company sold 1,000 units during the month for $12 per unit. If the average cost method is used , Compute the average cost per unit to be applied here.

Explain the following : 1. RAAS Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Units Per unit price Total Balance, 1/1/20 200 $5.00 $1,000 Purchase, 1/15/20 100 5.30 530 Purchase, 1/28/20 100 5.50 550 An end of the month (1/31/20) inventory showed that 150 units were on hand. what is the value of the ending inventory? a) FIFO method b) LIFO method 2. Compare periodic inventory system with perpetual inventory system with an example. 3. Explain three different methods of inventory costing methods with examples 4. On May 1, 2021, Xelant Company had beginning inventory consisting of 200 units with a unit cost of $7. During May, the company purchased inventory as follows: 800 units at $7 600 units at $8 The company sold 1,000 units during the month for $12 per unit. If the average cost method is used , Compute the average cost per unit to be applied here.

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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