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Tamarisk Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of S24 per unit. None of this inventory was sold in 2019. Relevant information is as follows. Ending inventory units: "December 31, 2019 "December 31, 2020. by purchase date - december 2,2020 - July 20, 2020 185 185 50 235 During the year 2020, the following purchases and sales were made. Purchases 385 units at $29 385 units at 30 285 units at 34 185 units at 36 Sales April Aug March 15 10 285 uly sept dec 385 235 285 20 20 Nov Dec 4 18 12 The company uses the periodic inventory method. (al) Calculate average-cost per unit. (Round answer to 2 decimal places, 0.0. 2.76.) (a2) Determine ending inventory under (1) specific identification. (2) FIFÓ, (3) LIFO, and (4) average- cost. (Round answor to 0 decimal places, e.g. 2,760.)

Tamarisk Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of S24 per unit. None of this inventory was sold in 2019. Relevant information is as follows. Ending inventory units: "December 31, 2019 "December 31, 2020. by purchase date - december 2,2020 - July 20, 2020 185 185 50 235 During the year 2020, the following purchases and sales were made. Purchases 385 units at $29 385 units at 30 285 units at 34 185 units at 36 Sales April Aug March 15 10 285 uly sept dec 385 235 285 20 20 Nov Dec 4 18 12 The company uses the periodic inventory method. (al) Calculate average-cost per unit. (Round answer to 2 decimal places, 0.0. 2.76.) (a2) Determine ending inventory under (1) specific identification. (2) FIFÓ, (3) LIFO, and (4) average- cost. (Round answor to 0 decimal places, e.g. 2,760.)

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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Please answer completely required a1and a2

Tamarisk Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of S24 per unit. None of this inventory was sold in 2019. Relevant information is as follows. Ending inventory units: December 31, 2019 'December 31, 2020. by purchase date - december 2,2020 - July 20, 2020 185 185 50 235 During the year 2020, the following purchases and sales were made. Purchases Sales March july sept dec April Aug 385 units at $29 385 units at 30 15 10 285 20 20 385 285 units at 34 185 units at 36 4 Nov 18 235 2 Dec 12 285 The company uses the periodic inventory method. (a1) Calculate average-cost per unit. (Round answer to 2 decimal places, e.e. 2.76.) (a2) Determine ending inventory under (1) specific identification, (2) FIFÓ, (3) LIFO, and (4) average- cost. (Round answer to 0 decimal places, e.g. 2,760.)
Transcribed Image Text:Tamarisk Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of S24 per unit. None of this inventory was sold in 2019. Relevant information is as follows. Ending inventory units: December 31, 2019 'December 31, 2020. by purchase date - december 2,2020 - July 20, 2020 185 185 50 235 During the year 2020, the following purchases and sales were made. Purchases Sales March july sept dec April Aug 385 units at $29 385 units at 30 15 10 285 20 20 385 285 units at 34 185 units at 36 4 Nov 18 235 2 Dec 12 285 The company uses the periodic inventory method. (a1) Calculate average-cost per unit. (Round answer to 2 decimal places, e.e. 2.76.) (a2) Determine ending inventory under (1) specific identification, (2) FIFÓ, (3) LIFO, and (4) average- cost. (Round answer to 0 decimal places, e.g. 2,760.)
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