Type X Y Z Quantity Purchased 110,000 100,000 75,000 285,000 Cost Per Unit $4.75 3.75 2.10 Quantity Sold 90,000 85,000 70,000 245,000 Inventory Y Pools Inventory Z Pools Total LIFO ending inventory cost - 5 Selling Price per Unit $10.00 7.50 5.00 Required: 1. Compute the LIFO cost of the ending inventory assuming Webster uses a single inventory pool. Round cost index to four decimal places. 252,500 X 2. Compute the LIFO cost of the ending inventory assuming Webster uses three inventory pools. Round cost indexes to four decimal places. Round intermediate calculations to the nearest dollar. Also, if necessary, round final answers to the nearest dollar. Inventory X Pools

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Topic Video
Question

help with all working

 

Type
X
Quantity
Purchased
110,000
100,000
75,000
285,000
Cost Per
Unit
$4.75
3.75
2.10
Quantity
Sold
90,000
85,000
70,000
245,000
Selling Price
per Unit
$10.00
7.50
5.00
Required:
1. Compute the LIFO cost of the ending inventory assuming Webster uses a single inventory pool. Round cost index to four decimal places.
252,500 X
2. Compute the LIFO cost of the ending inventory assuming Webster uses three inventory pools. Round cost indexes to four decimal places. Round intermediate
calculations to the nearest dollar. Also, if necessary, round final answers to the nearest dollar.
Inventory X Pools
Inventory Y Pools
Inventory Z Pool -
Total LIFO ending inventory cost-s
Transcribed Image Text:Type X Quantity Purchased 110,000 100,000 75,000 285,000 Cost Per Unit $4.75 3.75 2.10 Quantity Sold 90,000 85,000 70,000 245,000 Selling Price per Unit $10.00 7.50 5.00 Required: 1. Compute the LIFO cost of the ending inventory assuming Webster uses a single inventory pool. Round cost index to four decimal places. 252,500 X 2. Compute the LIFO cost of the ending inventory assuming Webster uses three inventory pools. Round cost indexes to four decimal places. Round intermediate calculations to the nearest dollar. Also, if necessary, round final answers to the nearest dollar. Inventory X Pools Inventory Y Pools Inventory Z Pool - Total LIFO ending inventory cost-s
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education