ower-of-Cost-or-Market Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units Unit Price Total Cost Jan. 1 Beginning inventory 10 $20 $200 Mar. 5 1st purchase 10 22 220 Sept. 9 2nd purchase 10 25 250 Dec. 8 3rd purchase 10 30 300 40 $970 There are 10 units of inventory on hand on December 31. Question Content Area 1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods: a. FIFO$fill in the blank afc0e7fdc02f065_1 b. Weighted-average (round calculations to two decimal places.)$fill in the blank afc0e7fdc02f065_2 2. Assume that the market price per unit (cost to replace) of Stalberg's inventory on December 31, 20--, was $26. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: a. FIFO lower-of-cost-or-market$fill in the blank afc0e7fdc02f065_3 b. Weighted-average lower-of-cost-or-market$fill in the blank afc0e7fdc02f065_4 Question Content Area 3. What journal entry would be made under lower-of-cost-or-market for parts 2(a) FIFO and 2(b) Weighted-average? If no entry is required, select "No Entry Required". a. b.
ower-of-Cost-or-Market Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units Unit Price Total Cost Jan. 1 Beginning inventory 10 $20 $200 Mar. 5 1st purchase 10 22 220 Sept. 9 2nd purchase 10 25 250 Dec. 8 3rd purchase 10 30 300 40 $970 There are 10 units of inventory on hand on December 31. Question Content Area 1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods: a. FIFO$fill in the blank afc0e7fdc02f065_1 b. Weighted-average (round calculations to two decimal places.)$fill in the blank afc0e7fdc02f065_2 2. Assume that the market price per unit (cost to replace) of Stalberg's inventory on December 31, 20--, was $26. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: a. FIFO lower-of-cost-or-market$fill in the blank afc0e7fdc02f065_3 b. Weighted-average lower-of-cost-or-market$fill in the blank afc0e7fdc02f065_4 Question Content Area 3. What journal entry would be made under lower-of-cost-or-market for parts 2(a) FIFO and 2(b) Weighted-average? If no entry is required, select "No Entry Required". a. b.
ower-of-Cost-or-Market Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units Unit Price Total Cost Jan. 1 Beginning inventory 10 $20 $200 Mar. 5 1st purchase 10 22 220 Sept. 9 2nd purchase 10 25 250 Dec. 8 3rd purchase 10 30 300 40 $970 There are 10 units of inventory on hand on December 31. Question Content Area 1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods: a. FIFO$fill in the blank afc0e7fdc02f065_1 b. Weighted-average (round calculations to two decimal places.)$fill in the blank afc0e7fdc02f065_2 2. Assume that the market price per unit (cost to replace) of Stalberg's inventory on December 31, 20--, was $26. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: a. FIFO lower-of-cost-or-market$fill in the blank afc0e7fdc02f065_3 b. Weighted-average lower-of-cost-or-market$fill in the blank afc0e7fdc02f065_4 Question Content Area 3. What journal entry would be made under lower-of-cost-or-market for parts 2(a) FIFO and 2(b) Weighted-average? If no entry is required, select "No Entry Required". a. b.
Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows:
Units
Unit Price
Total Cost
Jan. 1
Beginning inventory
10
$20
$200
Mar. 5
1st purchase
10
22
220
Sept. 9
2nd purchase
10
25
250
Dec. 8
3rd purchase
10
30
300
40
$970
There are 10 units of inventory on hand on December 31.
Question Content Area
1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods:
a. FIFO $fill in the blank afc0e7fdc02f065_1
b. Weighted-average (round calculations to two decimal places.) $fill in the blank afc0e7fdc02f065_2
2. Assume that the market price per unit (cost to replace) of Stalberg's inventory on December 31, 20--, was $26. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:
a. FIFO lower-of-cost-or-market $fill in the blank afc0e7fdc02f065_3
b. Weighted-average lower-of-cost-or-market $fill in the blank afc0e7fdc02f065_4
Question Content Area
3. What journal entry would be made under lower-of-cost-or-market for parts 2(a) FIFO and 2(b) Weighted-average?
If no entry is required, select "No Entry Required".
a.
b.
Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.
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