The Bearing Buddy Supply Company provided you the following information for their patented water proof boat trailer wheel bearings for the year 2022: Date Beg Bal. Purchases: March 1 May 14 June 2 October 26 December 23 Total Available Units 200 a. FIFO-Periodic 160 140 200 185 40 925 b. LIFO-Periodic Unit Cost $20 $20 $21 $22 $26 $26 c. Average Cost-Periodic Total $ 4,000 A total of 610 were sold in 2022, resulting in 315 units on hand at the end of the year. $ 3,200 $ 2,940 Required Determine the ending inventory at December 31, 2022 under the following methods. Show all calculations. $4,400 $4,810 $ 1,040 $20,390 d. Dollar Value LIFO Note: Ending Inventory at current prices is $8,190 with current Price Index = 1.30. Beginning inventory at beginning year prices was $4,000 Price Index = 1.00
The Bearing Buddy Supply Company provided you the following information for their patented water proof boat trailer wheel bearings for the year 2022: Date Beg Bal. Purchases: March 1 May 14 June 2 October 26 December 23 Total Available Units 200 a. FIFO-Periodic 160 140 200 185 40 925 b. LIFO-Periodic Unit Cost $20 $20 $21 $22 $26 $26 c. Average Cost-Periodic Total $ 4,000 A total of 610 were sold in 2022, resulting in 315 units on hand at the end of the year. $ 3,200 $ 2,940 Required Determine the ending inventory at December 31, 2022 under the following methods. Show all calculations. $4,400 $4,810 $ 1,040 $20,390 d. Dollar Value LIFO Note: Ending Inventory at current prices is $8,190 with current Price Index = 1.30. Beginning inventory at beginning year prices was $4,000 Price Index = 1.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
M1
Transcribed Image Text:The Bearing Buddy Supply Company provided you the following
information for their patented water proof boat trailer wheel
bearings for the year 2022:
Date
Beg Bal.
Purchases:
March 1
May 14
June 2
October 26
December 23
Total Available
Units
200
a. FIFO-Periodic
160
140
200
185
40
925
b. LIFO-Periodic
Unit Cost
$20
$20
$21
$22
$26
$26
A total of 610 were sold in 2022, resulting in 315 units on hand
at the end of the year.
c. Average Cost-Periodic
Total
$ 4,000
Required
Determine the ending inventory at December 31, 2022 under the
following methods. Show all calculations.
$ 3,200
$ 2,940
$ 4,400
$ 4,810
$ 1,040
$20,390
d. Dollar Value LIFO
$8,190 with current
Note: Ending Inventory at current prices is
Price Index 1.30. Beginning inventory at beginning year
prices was $4,000 Price Index 1.00
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