The Pine Shop shows the following data relating to an inventory item: Quantity 125 325 53 95 21 150 Inventory, January 1 Purchase, January 9 Sale, January 10 Purchase, January 19 Sale, January 10 Purchase, January 31 Price 52 53 60 54
The Pine Shop shows the following data relating to an inventory item: Quantity 125 325 53 95 21 150 Inventory, January 1 Purchase, January 9 Sale, January 10 Purchase, January 19 Sale, January 10 Purchase, January 31 Price 52 53 60 54
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 2PEA: Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual...
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Question
1. How much is the ending inventory FIFO method? Show your solution.
a. 33,680 c. 33,677
b. 33,050 d. 33,530
2. Assuming there are goods in transit purchased FOB destination as of end of January 31, 300 units of iinventory at 43/unit. How much is the ending inventory as of end of January using weighted average method? Show your solution
a. 46,675 c. 49,727
b. 46,670 d. 33,530
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