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Rogers Products uses a periodic inventory system. The company's records show the beginning inventory of PH4 oil filters and the purchases of this item during the current year to be as follows. January 1 February 23 April 20 May 4 November 30 Beginning inventory Purchase a. Average cost b. FIFO Purchase Purchase Purchase Totals 90 units @ $3.00 120 units @ $3.50 300 units @ $3.80 400 units @ $4.00 190 units @ $5.00 1,100 units A physical count indicates 200 units in inventory at year-end. Required: Determine the cost of the ending inventory on the basis of each of the following methods of inventory valuation. (Remember periodic inventory costing procedures.) Note: Round intermediate calculations to 2 decimal places. Round your final answers to the nearest whole dollar. Ending Inventory $ 270.00 420.00 1,140.00 1,600.00 950.00 $4,380.00

Rogers Products uses a periodic inventory system. The company's records show the beginning inventory of PH4 oil filters and the purchases of this item during the current year to be as follows. January 1 February 23 April 20 May 4 November 30 Beginning inventory Purchase a. Average cost b. FIFO Purchase Purchase Purchase Totals 90 units @ $3.00 120 units @ $3.50 300 units @ $3.80 400 units @ $4.00 190 units @ $5.00 1,100 units A physical count indicates 200 units in inventory at year-end. Required: Determine the cost of the ending inventory on the basis of each of the following methods of inventory valuation. (Remember periodic inventory costing procedures.) Note: Round intermediate calculations to 2 decimal places. Round your final answers to the nearest whole dollar. Ending Inventory $ 270.00 420.00 1,140.00 1,600.00 950.00 $4,380.00

FINANCIAL ACCOUNTING
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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Rogers Products uses a periodic inventory system. The company's records show the beginning inventory of PH4 oil filters and the purchases of this item during the current year to be as follows. January 1 February 23 April 20 May 4 November 30 Beginning inventory Purchase Purchase Purchase Purchase Totals a. Average cost b. FIFO c. LIFO 90 units @ $3.00 120 units @ $3.50 300 units @ $3.80 400 units @ $4.00 190 units @ $5.00 1,100 units A physical count indicates 200 units in inventory at year-end. Required: Determine the cost of the ending inventory on the basis of each of the following methods of inventory valuation. (Remember periodic inventory costing procedures.) Note: Round intermediate calculations to 2 decimal places. Round your final answers to the nearest whole dollar. Ending Inventory $ 270.00 420.00 1,140.00 1,600.00 950.00 $ 4,380.00
Transcribed Image Text:Rogers Products uses a periodic inventory system. The company's records show the beginning inventory of PH4 oil filters and the purchases of this item during the current year to be as follows. January 1 February 23 April 20 May 4 November 30 Beginning inventory Purchase Purchase Purchase Purchase Totals a. Average cost b. FIFO c. LIFO 90 units @ $3.00 120 units @ $3.50 300 units @ $3.80 400 units @ $4.00 190 units @ $5.00 1,100 units A physical count indicates 200 units in inventory at year-end. Required: Determine the cost of the ending inventory on the basis of each of the following methods of inventory valuation. (Remember periodic inventory costing procedures.) Note: Round intermediate calculations to 2 decimal places. Round your final answers to the nearest whole dollar. Ending Inventory $ 270.00 420.00 1,140.00 1,600.00 950.00 $ 4,380.00
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