Receipts and issues of a raw material for a period were: Date Details Units Cost per unit Cumulative Total May 1 Balance 240 $3.70 $888 May 5 Receipt 440 $3.60 $1584 May 15 Issue 240 May 31 Issue 300 Using the FIFO inventory pricing method, what is the value of closing inventory on May 31? Show solution

Receipts and issues of a raw material for a period were: Date Details Units Cost per unit Cumulative Total May 1 Balance 240 $3.70 $888 May 5 Receipt 440 $3.60 $1584 May 15 Issue 240 May 31 Issue 300 Using the FIFO inventory pricing method, what is the value of closing inventory on May 31? Show solution

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Description: Receipts and issues of a raw material for a period were: DateDetailsUnitsCost per unitCumulative TotalMay 1Balance240$3.70$888May 5Receipt440$3.60$1584May 15Issue240 May 31Issue300 Using the FIFO inventory pricing method, what is the value of clos

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject: accounting
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Question Content Area Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $35 $175 Aug. 7 Purchase 20 units at $36 720 Dec. 11 Purchase 11 units at $37 407 36 units $1,302 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar).
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