Number of Units Cost per Unit Total 1,050 1,020 1,300 1,200 4,570 $ 23,100 23,460 33,800 32,400 112,760 $22 Beginning inventory Purchased May 31 Purchased Jul. 15 Purchased Nov. 1 23 26 27 Totals (goods available) Ending inventory 900

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Trini Company had the following transactions for the month.

Calculate the ending inventory dollar value for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations.

  1. first-in, first-out (FIFO)
  2. last-in, first-out (LIFO)
  3. weighted average (AVG)
The table presents inventory data, detailing the number of units, cost per unit, and total cost at various stages throughout a specified period.

1. **Beginning Inventory:**
   - Number of Units: 1,050
   - Cost per Unit: $22
   - Total: $23,100

2. **Purchases:**

   - **May 31:**
     - Number of Units: 1,020
     - Cost per Unit: $23
     - Total: $23,460

   - **July 15:**
     - Number of Units: 1,300
     - Cost per Unit: $26
     - Total: $33,800

   - **November 1:**
     - Number of Units: 1,200
     - Cost per Unit: $27
     - Total: $32,400

3. **Totals (Goods Available):**
   - Number of Units: 4,570
   - Total: $112,760

4. **Ending Inventory:**
   - Number of Units: 900
   - Cost per Unit: ?

This information can be used to calculate inventory turnover ratios, gauge the cost of goods sold, and perform various financial analyses concerning inventory management. The ending inventory cost per unit remains unspecified within this table.
Transcribed Image Text:The table presents inventory data, detailing the number of units, cost per unit, and total cost at various stages throughout a specified period. 1. **Beginning Inventory:** - Number of Units: 1,050 - Cost per Unit: $22 - Total: $23,100 2. **Purchases:** - **May 31:** - Number of Units: 1,020 - Cost per Unit: $23 - Total: $23,460 - **July 15:** - Number of Units: 1,300 - Cost per Unit: $26 - Total: $33,800 - **November 1:** - Number of Units: 1,200 - Cost per Unit: $27 - Total: $32,400 3. **Totals (Goods Available):** - Number of Units: 4,570 - Total: $112,760 4. **Ending Inventory:** - Number of Units: 900 - Cost per Unit: ? This information can be used to calculate inventory turnover ratios, gauge the cost of goods sold, and perform various financial analyses concerning inventory management. The ending inventory cost per unit remains unspecified within this table.
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