Rogers Products uses a periodic inventory system. The company's records show the beginning inventory of PH4 oil filters on January 1 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 14 units@ $3.00 16 units@ $3.50 33 units@ $3.80 36 units@ $4.00 19 units@ $5.00 118 units $ 42.00 56.00 125.40 144.00 95.00 $ 462.40 A physical count indicates 23 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 to use
Rogers Products uses a periodic inventory system. The company's records show the beginning inventory of PH4 oil filters on January 1 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 14 units@ $3.00 16 units@ $3.50 33 units@ $3.80 36 units@ $4.00 19 units@ $5.00 118 units $ 42.00 56.00 125.40 144.00 95.00 $ 462.40 A physical count indicates 23 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 to use
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Do not give answer in image
Transcribed Image Text:Rogers Products uses a periodic inventory system. The company's records show the beginning inventory of PH4 oil filters on January 1
and the purchases of this item during the current year to be as follows:
January 1
February 23
April 20
May 4
November 30
a. Average cost
b. FIFO
c. LIFO
Beginning inventory
Purchase
Purchase
Purchase
Purchase
Totals
A physical count indicates 23 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 to use
periodic inventory costing procedures.)
Note: Round your intermediate and final answers to 2 decimal places.
Ending
Inventory
$
14 units@ $3.00
16 units @ $3.50
33 units @ $3.80
36 units @ $4.00
19 units @ $5.00
118 units
3.92
$ 42.00
56.00
125.40
144.00
95.00
$ 462.40
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education