Pronghorn Company uses the periodic inventory method and had the following inventory information available Units Unit Cost Total Cost 1/1 Beginning Inventory 100 $3 $300 1/20 Purchase 505 $4 2,020 7/25 Purchase 95 $5 475 10/20 Purchase 305 $7 2.135 1,005 $4,930 Aphysical count of inventory on December 31 revealed that there were 385 units on hand. Answer the following independent questions. (Round average cost per unit to 2 decimal places, eg. 5.25s and final answers to 0 decimal places, es 2,520) Assume that the company uses the FIFO method. The value of the ending inventory at December 31is 1. Assume that the company uses the average cost method The value of the ending inventory on December 31 is 2. %24 Assume that the company uses the LIFO method, The value of the ending inventory on December 31 is 3. nnany would have

Pronghorn Company uses the periodic inventory method and had the following inventory information available Units Unit Cost Total Cost 1/1 Beginning Inventory 100 $3 $300 1/20 Purchase 505 $4 2,020 7/25 Purchase 95 $5 475 10/20 Purchase 305 $7 2.135 1,005 $4,930 Aphysical count of inventory on December 31 revealed that there were 385 units on hand. Answer the following independent questions. (Round average cost per unit to 2 decimal places, eg. 5.25s and final answers to 0 decimal places, es 2,520) Assume that the company uses the FIFO method. The value of the ending inventory at December 31is 1. Assume that the company uses the average cost method The value of the ending inventory on December 31 is 2. %24 Assume that the company uses the LIFO method, The value of the ending inventory on December 31 is 3. nnany would have

Name: Pronghorn Company uses the periodic inventory method and had the foll
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Description: Pronghorn Company uses the periodic inventory method and had the following inventory information available:UnitsUnit CostTotal Cost1/1Beginning Inventory100$3$3001/20Purchase505$42,0207/25Purchase95547510/20Purchase305572.1351,005$4.930Aphysical cou

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...

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