The following information relates to the inventory of ABC Inc. who uses a perpetual inventorysystem:December 4DateDecember 10December 15December 20December 29• $1,950• $3,900$2,200$2,600$2,400..TransactionOpening inventoryPurchase inventorySell inventoryPurchase inventorySell inventory# Units Unit cost/sales price300100320150100$18$ 27$$+A15What is the value of inventory on hand after the December 29 sale if FIFO is used?Multiple Choice2030

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Description: The following information relates to the inventory of ABC Inc. who uses a perpetual inventorysystem:December 4DateDecember 10December 15December 20December 29• $1,950• $3,900$2,200$2,600$2,400..TransactionOpening inventoryPurchase inventorySell inve

Inventory valuation is based on the method of issuing inventory used by the organization. It can be…

Business

Accounting

The following information relates to the inventory of ABC Inc. who uses a perpetual inventory system: Date December 4 December 10 December 15 December 20 December 29 • $1,950 • $3,900 • $2,200 Transaction $2,600 $2,400 Opening inventory Purchase inventory Sell inventory Purchase inventory Sell inventory # Units Unit cost/sales price 300 100 320 150 100 $ 15 $18 $ 27 $ 20 $ What is the value of inventory on hand after the December 29 sale if FIFO is used? Multiple Choice 30

The following information relates to the inventory of ABC Inc. who uses a perpetual inventory system: Date December 4 December 10 December 15 December 20 December 29 • $1,950 • $3,900 • $2,200 Transaction $2,600 $2,400 Opening inventory Purchase inventory Sell inventory Purchase inventory Sell inventory # Units Unit cost/sales price 300 100 320 150 100 $ 15 $18 $ 27 $ 20 $ What is the value of inventory on hand after the December 29 sale if FIFO is used? Multiple Choice 30

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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Subject: accounting
The following inventory transactions took place for Sunland Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 Mar 10 May 20 Aug 22 Sep 12 Nov 24 Dec 5 beginning inventory sale purchase purchase sale Event purchase sale purchase sale Ending inventory Unit cost of the last item sold $ CA $ Quantity 24,300 LA 6,200 32,200 9,200 40,900 14,800 20,350 9,800 17,300 Cost/ Selling Price $47.00 77.00 38.25 45.00 Calculate the ending inventory balance for Sunland Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to O decimal places, e.g. 5,276.) 77.00 42.50 77.00 57.00 77.00
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You have the following information for Ivanhoe Inc. for the month ended October 31, 2025. Ivanhoe uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 (a1) (a2) Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Ending inventory $ Cost of goods sold Gross profit Units Unit Cost or Selling Price $26 +A 55 - Your answer is partially correct. $ 140 tA 100 1.LIFO. 2. FIFO. 3. Average-cost. (Round answers to O decimal places, e.g. 125.) 100 55 65 110 Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods. LIFO 2424 7841 4034 $ $ 28 $ 45 29 50 31 50 FIFO 2885 7380 5370 i +A tA $ LA AVERAGE-COST 2580 7685 4190