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he following inventory transactions took place for Wildhorse Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 Event beginning inventory sale purchase Quantity 24,000 5,900 31,900 Cost/ Selling Price $44.00 83.00 35.25

he following inventory transactions took place for Wildhorse Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 Event beginning inventory sale purchase Quantity 24,000 5,900 31,900 Cost/ Selling Price $44.00 83.00 35.25

FINANCIAL ACCOUNTING
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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The following inventory transactions took place for Wildhorse Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 Mar 10 May 20 Aug 22 Sep 12 Nov 24 Dec 5 beginning inventory sale purchase purchase sale Event purchase sale purchase sale Ending inventory Unit cost of the last item sold $ Quantity $ 24,000 5,900 31,900 8,900 40,300 15,100 20,200 10,100 17,900 Cost/ Selling Price $44.00 83.00 35.25 42.00 83.00 36.50 Calculate the ending inventory balance for Wildhorse Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to 0 decimal places, e.g. 5,276.) 83.00 55.50 83.00
Transcribed Image Text:The following inventory transactions took place for Wildhorse Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 Mar 10 May 20 Aug 22 Sep 12 Nov 24 Dec 5 beginning inventory sale purchase purchase sale Event purchase sale purchase sale Ending inventory Unit cost of the last item sold $ Quantity $ 24,000 5,900 31,900 8,900 40,300 15,100 20,200 10,100 17,900 Cost/ Selling Price $44.00 83.00 35.25 42.00 83.00 36.50 Calculate the ending inventory balance for Wildhorse Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to 0 decimal places, e.g. 5,276.) 83.00 55.50 83.00
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