Theannual inventorythe following information for 20 inch tires.QuantityDateJan 11Mar zoJol 11Sep 11Nov 13Total available for SaleBegining InventoryPurchasePurchaseA 112.60B120.00152.00221.00PurchasePurchaseof Big Wheels INC. Shows.AAnswerky501040154CostTotal6.50 3252430 22.5022.5020.5026.50If 34 tires wereon hand Dec 31 What is theValue ofending inventory using the LIfo methodof Inventory pricing ?205636675900$2,741

The LIFO method of inventory valuation states that the most recent is sold before the first…

Answered: The annual inventory of the following…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase $264 April 15 Purchase 268 April 20 Purchase 272 Total $804 Average cost per unit $268 ($804 ÷ 3 units) Assume that one unit is sold on April 27 for $367. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 3.
< Boxwood Company sells blankets for $33 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Blankets Units Date May 3 10 17 20 23 Purchase 30 Sale Purchase Sale Sale 21 8 40 Purchase 15 6 Cost 33 $20 Determine the gross profit for the sale of May 23 using the FIFO inventory costing method. a. $84 O b. $221 c. $114 O d. $259 $17 $19 2
urrent ALLE empt mFIogress Flint Corporation uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $6 $720 12 Purchases 360 2,520 23 Purchases 240 1,920 30 Inventory 250 I Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10. (Round answers to 3 decimal places, e.g. 5.125.) June 1 %24 June 12 $ June 15 $ 7:59 acer 7.
Cost Flow Methods The following three identical units of Item P401C are purchased during April: Item Beta Units Cost April 2 Purchase 1 $100 15 Purchase 1 120 20 Purchase 1 140 Total 3 $360 Average cost per unit $120 ($360 ÷ 3 units) Assume that one unit is sold on April 27 for $300. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted average cost $fill in the blank 5 $fill in the blank 6
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