Wash the Floor Corporation uses the periodic inventory method and had the following inventory information available: tnite tot Date Transaction 1-Jan Opening Inventory 20-Mar Purchase 4-Jul Purchase 9-Oct Purchase Unit Units Cost 1,100 2,200 1,600 800 10.25 12 14 16 Total Cost $ 11,275 26,400 22,000 bontopall Quenos 8 colizan 12,800 $ 72,475 5,700 A physical count of inventory on December 31 revealed that there were 950 units on hand. Instructions Answer the following independent questions and show calculations supporting your answers. 1. Assume that the company uses FIFO. The value of the ending inventory at December 31 is $ 2. Assume that the company uses average cost. The value of the ending inventory on December 31 is $

Wash the Floor Corporation uses the periodic inventory method and had the following inventory information available: tnite tot Date Transaction 1-Jan Opening Inventory 20-Mar Purchase 4-Jul Purchase 9-Oct Purchase Unit Units Cost 1,100 2,200 1,600 800 10.25 12 14 16 Total Cost $ 11,275 26,400 22,000 bontopall Quenos 8 colizan 12,800 $ 72,475 5,700 A physical count of inventory on December 31 revealed that there were 950 units on hand. Instructions Answer the following independent questions and show calculations supporting your answers. 1. Assume that the company uses FIFO. The value of the ending inventory at December 31 is $ 2. Assume that the company uses average cost. The value of the ending inventory on December 31 is $

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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