On January 2020, Roel Corp. has the following inventory purchases. January Units Amount 4 5750 $7500 9 5100 $5850 17 7600 $6300 27 6600 $4950 A physical count of inventory on January 30 reveals that there are 1,000 units on hand. Questions: 1. Under the weighted average cost method, what is the amount allocated to the ending inventory on January 31, 2020? 2. Under the FIFO inventory method, what is the value of the ending inventory on January 31, 2020? 3. Under the LIFO inventory method, what is the value of the ending inventory on January 31, 2020?
On January 2020, Roel Corp. has the following inventory purchases. January Units Amount 4 5750 $7500 9 5100 $5850 17 7600 $6300 27 6600 $4950 A physical count of inventory on January 30 reveals that there are 1,000 units on hand. Questions: 1. Under the weighted average cost method, what is the amount allocated to the ending inventory on January 31, 2020? 2. Under the FIFO inventory method, what is the value of the ending inventory on January 31, 2020? 3. Under the LIFO inventory method, what is the value of the ending inventory on January 31, 2020?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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On January 2020, Roel Corp. has the following inventory purchases.
January | Units | Amount |
4 | 5750 | $7500 |
9 | 5100 | $5850 |
17 | 7600 | $6300 |
27 | 6600 | $4950 |
A physical count of inventory on January 30 reveals that there are 1,000 units on hand.
Questions:
1. Under the weighted average cost method, what is the amount allocated to the ending inventory on January 31, 2020?
2. Under the FIFO inventory method, what is the value of the ending inventory on January 31, 2020?
3. Under the LIFO inventory method, what is the value of the ending inventory on January 31, 2020?
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Step 1 Inventory valuation under weighted average, FIFO and LIFO
VIEWStep 2 Calculation of number of units sold
VIEWStep 3 Calculation of value of ending inventory using weighted average cost method
VIEWStep 4 Calculation of value of ending inventory using FIFO method
VIEWStep 5 Calculation of value of ending inventory using LIFO method
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