Chapter 16, Problem 4AT

(a)

To determine

To calculate: The dollar value of the 128 ties with the help of FIFO method of inventory pricing for Ritz Fashion, Inc.

$\begin{array}{cccc}& & & \\ \text{Date}& \begin{array}{l}\text{Unit}\\ \text{Purchased}\end{array}& \text{Cost per Unit}& \begin{array}{l}\text{Total}\\ \text{Cost}\end{array}\\ \text{Beginning Inventory, January 1}& 59& \$46.10& \_\_\_\\ \text{Purchase, March}29& 75& 43.50& \_\_\_\\ \text{Purchase, July 14}& 120& 47.75& \_\_\_\\ \begin{array}{l}\text{Purchase, October 12}\\ \text{Purchase, December 8}\end{array}& \begin{array}{l}95\\ 105\end{array}& \begin{array}{l}50.00\\ 53.25\end{array}& \begin{array}{l}\_\_\_\\ \end{array}\\ \text{Washing Machines Avalable for sale}& \_\_\_& \text{cost of goods Available for sale}& \_\_\_\end{array}$

(b)

To determine

To calculate: The dollar value of 128 ties with the help of LIFO method of inventory pricing.

$\begin{array}{ll}\text{Units}\hfill & \text{Cost}\hfill \\ 59\hfill & 46.10\hfill \\ 69\hfill & 43.50\hfill \\ \overline{\underset{\_}{\underset{\_}{128}}}\hfill & \hfill \end{array}$

(c)

To determine

To calculate: The dollar value of 128 ties with the help of average cost method.

The table is given as follows:

$\begin{array}{cccc}& & & \\ \text{Date}& \begin{array}{l}\text{Unit}\\ \text{Purchased}\end{array}& \text{Cost per Unit}& \begin{array}{l}\text{Total}\\ \text{Cost}\end{array}\\ \text{Beginning Inventory, January 1}& 59& \$46.10& \_\_\_\\ \text{Purchase, March}29& 75& 43.50& \_\_\_\\ \text{Purchase, July 14}& 120& 47.75& \_\_\_\\ \begin{array}{l}\text{Purchase, October 12}\\ \text{Purchase, December 8}\end{array}& \begin{array}{l}95\\ 105\end{array}& \begin{array}{l}50.00\\ 53.25\end{array}& \begin{array}{l}\_\_\_\\ \end{array}\\ \text{Washing Machines Avalable for sale}& \_\_\_& \text{cost of goods Available for sale}& \_\_\_\end{array}$