Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals Answer is not complete. Ending Inventory (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification $ $ $ Units Acquired at Cost 670 units@ $45.00 per unit 540 units $42.00 per unit $27.00 per unit 270 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO. (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 670 units from beginning inventory, 370 from the February 10 purchase, 270 from the March 13 purchase, 120 from the August 21 purchase, and 390 from the September 5 purchase. Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount. 18,000 18,400 17,088 170 units 570 units 2,220 units @ $50.00 per unit $46.00 per unit 1,000 units @ $75.00 per unit 740 units @ $75.00 per unit 1,820 units
Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals Answer is not complete. Ending Inventory (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification $ $ $ Units Acquired at Cost 670 units@ $45.00 per unit 540 units $42.00 per unit $27.00 per unit 270 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO. (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 670 units from beginning inventory, 370 from the February 10 purchase, 270 from the March 13 purchase, 120 from the August 21 purchase, and 390 from the September 5 purchase. Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount. 18,000 18,400 17,088 170 units 570 units 2,220 units @ $50.00 per unit $46.00 per unit 1,000 units @ $75.00 per unit 740 units @ $75.00 per unit 1,820 units
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 67APSA: Inventory Costing Methods Andersons Department Store has the following data for inventory,...
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Step 1: What is periodic inventory system
VIEWStep 2: a) Computation of the ending inventory using the FIFO method.
VIEWStep 3: b) Computation of the cost of ending inventory using the LIFO method.
VIEWStep 4: c) Computation of the total cost of ending inventory under weighted average method.
VIEWStep 5: d) Computation of the ending inventory using the specific identification method.
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