What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent.Multiple ChoiceA) $18.00B)$17.42C)$19.63D)$14.00E)$15.80 Jammer Company uses a weighted average perpetual inventory system and reports the following:DateAugust 2August 18ActivitiesPurchasePurchaseUnits Acquired at CostUnits Sold at Retail10 units @ $14 = $14015 units @ $17 = $255August 29August 31Sales20 units soldPurchase14 units @ $18 = $252What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent.Multiple Choice$18.00$17.42$19.63$14.00$15.80

Answered: What is the per unit value of ending…

What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent. Multiple Choice A) $18.00 B)$17.42 C)$19.63 D)$14.00 E)$15.80

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: You have the following information for Marigold Corp. for the month ended October 31, 2022. Marigold…

A: Periodic inventory system is updated at the end of the period to adjust inventory numbers to match…

Q: Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of…

A: Question is of Last -in, First - out method. So, when units are sold on September 5, there were…

Q: REI I sell Assume

A: The inventory under periodic system is not updated after every sales transaction. It is evaluated at…

Q: If the cost of an item of inventory is $52.00 and the current replacement cost is $70.00, what is…

A: As per lower of cost or market price method, we need to record the inventory at the lowest value of…

Q: Tveslor Elliot buys shares of stock A for $10,000, while investor Michael takes a short -osition in…

A: Solution Note : As per Q&A guideline we are required to answer first question only . Please…

Q: From the following, calculate the cost ratio and the cost of ending inventory to the nearest cent…

A: Retail inventory method refers to an accounting method which is used by the companies to compute the…

Q: Question: Using weighted average costing method, what is the amount of inventory as of December 31?…

A: Weighted average method can be used to assign cost to ending inventory and sold goods. Under…

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…

A: Using weighted method, the units cost is calculated as total cost of goods available for sale…

Q: From the following, calculate the cost ratio and the cost of ending inventory to the nearest cent…

Q: What is the correct Cost of Goods Sold under the FIFO method given the following information?…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: Liven the following data, calculate the cost of goods sold using the average-cost method. Round…

A: Inventory is one of the current asset in the business. It can be raw materials inventory, work in…

Q: Justin acquires 90% of the voting common shares of Stevens on January 1, 2019. In 2010, Justin pays…

A: % acquired by Justin = 90%

Q: If the cost of an item of inventory is $60 and the current replacement cost is $75, the amount…

Q: A company has four types of products in its inventory as shown below: Product Quantity Cost Net…

A: According to inventory valuation, inventory is valued at lower of cost or net realizable value. The…

Q: Swifty Company's record of transactions concerning part X for the month of April was as follows.…

A: Perpetual Inventory System facilitates continuous stock checking. In this method, inventory is…

Q: Sunland Company Inc. had a beginning inventory of 120 units of Product RST at a cost of $7 per unit.…

Q: Carla Vista Company uses a periodic inventory system. Its records show the followin April 30: April…

A: Inventory, based on its intended use and where it is in the manufacturing or distribution process.…

Q: Compute the cost of the ending inventory under the average-cost method, assuming there are 100 units…

A: Given, Units in ending inventory = 100 units. First, compute the weighted average cost per unit as…

Q: 10. Which method of inventory assumes the last units purchased will remain in ending inventory on…

A: According to bartleby guidelines, if multiple questions are aske , then 1st question needs to be…

Q: Given the following: Numberpurchased Costper unit Total January 1 inventory 40 $4 $160…

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…

A: Ending inventory refers to value of goods readily available for sale and held by company at end of…

Q: Consider the following data: RECEIVED ISSUED 1-Apr| 20 units @ P 5.00 each 5-Apr 10-Apr 60 units @ P…

A: Using moving average method, average cost per unit is calculated after every sale and purchase.

Q: Specific Identification (Periodic) Cost per Units Total Unit Beginning Inventory Purchases March 2…

A: Specific identification is an inventory valuation method under which single item is under tracking…

Q: I want to answer this question

A: Step 1: Introduction to the InventoryIn financial accounting, inventory refers to the item used by…

Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…

A: Inventory valuation is based on the method of flow used by the organization. It can be the first in…

Q: Your organisation uses the weighted average cost method of valuing inventories. During August 20X1,…

A: We have the following information: Method of Inventory Valuation: Weighted Average Cost Method 5th…

Q: (a2) Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round per unit…

A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

Q: You have the following information for Waterway Industries for the month ended October 31, 2022.…

A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

Q: Question Six: If the cost of an item of inventory is $50, the current replacement cost is $45, and…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Assuming a perpetual inventory system and using the weighted average method to determine the…

A: Introduction:- Calculation of Weighted average cost per unit on October-29 as follows:- =Weighted…

Q: REI sells snowboards. Assume the following information relates to REI's purchases of snowboards…

A: The inventory can be valued using various methods as FIFO, LIFO and average method. The ending…

Q: A company has four types of products in its inventory as shown below: Product Quantity Cost Net…

A: The objective of the question is to calculate the year-end adjustment to write down inventory for a…

Q: god using a perpetual inventory system. (Round per unit cost to 3 decimal places, e.g. 15.647 and…

A: The cost of goods sold involves all costs involved in the production of goods that are sold. The…

Q: During the January of the current year, Metro Company which maintains a perpetual inventory system,…

A: This question deals with the FIFO and moving weighted method of inventory under perpetual inventory…

Q: I want the correct answer

A: According to the lower of cost or market rule, inventory is recorded at the lower of either its…

Q: Ivanhoe Center began operations on July 1. It uses a perpetual inventory system. During July, the…

A: The ending value differs due to the selection of the inventory valuation method adopted. It also…

Q: a. What value should be assigned to the ending inventory using FIFO? b. What value should be…

A: FIFO method: Under this method of inventory valuation, it is assumed that item of inventory…

Q: ending inventory and the cost of goods sold for FIFO

A: Under FIFO method of inventory valuation, it is assumed that inventories purchased first are sold…

Q: First Bank is considering giving Cullumber Company a loan. First, however, it decides that it would…

A: "FOB shipping point" is a shipping term that indicates when the title and the risk of loss or damage…

Q: 7) Given the following data, what is the weighted-average cost of ending inventory for a periodic 7)…

A: A weighted average method is one of the methods used for the valuation of inventory. These are based…

Q: Use the following data to calculate the cost of ending inventory using the Ilfo method. September…

A: LIFO stands for last-in-first-out. It is a method of inventory valuation.. In this method the goods…

Q: Project the average inventory balance in Year X and use it to compute the implied ending inventory…

A: The term sales revenue represents gross earnings generated by selling goods and services in the…

Q: Garrett Company has the following transactions during the months of April and May: Date April 1 17…

A: "Since you have posted multiple questions with multiple sub parts,we will provide the solution only…

Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…

A: Inventory valuation refers to the process of computing the value of inventory that is sold and…

Question

What is the per unit value of ending inventory on August 31?

Answers should be rounded to the nearest cent.

Multiple Choice

A) $18.00

B)$17.42

C)$19.63

D)$14.00

E)$15.80

Jammer Company uses a weighted average perpetual inventory system and reports the following:
Date
August 2
August 18
Activities
Purchase
Purchase
Units Acquired at Cost
Units Sold at Retail
10 units @ $14 = $140
15 units @ $17 = $255
August 29
August 31
Sales
20 units sold
Purchase
14 units @ $18 = $252
What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent.
Multiple Choice
$18.00
$17.42
$19.63
$14.00
$15.80

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introducing Inventory Valuation

VIEW

Step 2: Calculate the Weighted Average Cost Per Unit for Ending Inventory

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

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.

Similar questions

Kimberly Young Company was formed on December 1, 2019. The following information is available from Young's inventory records for Product BAP. January 1, 2020 (beginning inventory) Purchases: January 5, 2020 January 25, 2020 February 16, 2020 March 26, 2020 Units 1,680 3,360 3,640 2,240 1,680 Unit Cost $8 9 10 11 12 A physical inventory on March 31, 2020, shows 4,480 units on hand. Prepare schedule to compute the ending inventory at March 31, 2020, under FIFO inventory method. KIMBERLY YOUNG COMPANY COMPUTATION OF INVENTORY FOR PRODUCT BAP UNDER FIFO INVENTORY METHOD March 31, 2020 Units $ Unit Cost $ $ Total Cost
HOW DO I CACULATE ENDING INVENTORY , COST OF GOODS SOLD, GROSS PROFIT ?
Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $17,000 and its retail value was $20,000. Information for 2021 and 2022 is as follows: Date 12/31/2021 12/31/2022 Ending Inventory at Retail $35,000 $49,000 Retail Price Index 1.40 1.75 Cost-to-Retail. Percentage 87 % 90% Required: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/2021? 2. Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method. Complete this question by entering your answers in the tabs below.
*(Data to assist with this question is attached as image) 1. Calculate the value of closing inventory using the Weighted average cost inventory valuationmethod?
Please do not give image format
wer the following independent questions and show computations supporting your answers. 1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is 2. Assume that the company uses the average cost method. The value of the ending inventory on Decemb $. 3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is
Metlock Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 11 18 26 30 290 (@ $6.00 590 @ 6.10 490 @ 6.40 6.40 6.70 7.00 390 @ 790 @ 390 @ Sales April 5 12 27 28 490 390 1,180 150
Some of the information found on a detail inventory card for Crane Inc. for the first month of operations is as follows. Date January 2 7 10 13 18 20 23 26 28 31 Received No. of Units 1,300 700 1,100 1,400 1,700 Unit Cost $3.03 3.23 3.33 3.43 3.54 Issued, No. of Units 800 600 400 1,100 900 1,400 Balance, No. of Units 1,300 500 1,200 600 1,300 200 1,600 700 2,400 1,000
Compute the inventory at September 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to O decimal places, e.g. 6,548.) Ending Inventory $ (1) FIFO (2) LIFO $ (3) Average-cost
How do we get 70, 280, and 50? Please show me the work and explanation. Thanks!
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 solutiona. 46,675 c. 49,727 b. 46,670 d. 33,530
Beginning inventory, purchases, and sales for Item MMM8 are as follows: November 1 Inventory 102 16 9 Sale 89 16 Purchase 128 0 25 Sale 83 Assuming a perpetual inventory system and using the Last-in, first-out (FIFO) method, determine the inventory value on November 30.