1) A company had the following purchases during its first year of operations: On
ID: 2337801 • Letter: 1
Question
1) A company had the following purchases during its first year of operations:
On December 31, there were 48 units remaining in ending inventory. These 48 units consisted of 8 from January, 9 from February, 13 from May, 7 from September, and 11 from November. Using the specific identification method, what is the cost of the ending inventory?
A)6644 B)6336 C)5374 D)5338 E)6490
3) Bedrock Company reported a December 31 ending inventory balance of $414,500. The following additional information is also available:
The ending inventory balance of $414,500 included $73,700 of consigned inventory for which Bedrock was the consignor.The ending inventory balance of $414,500 included $25,400 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year.
Based on this information, the correct balance for ending inventory on December 31 is:
A) 340,100 B) 303,000 C) 389,100 D) 359,400 E)241,000
4) Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to ending inventory using LIFO.
A)5174 B) 4860 C) 10,100 D) 7880 E) 6580
5) A company’s normal selling price for its product is $22 per unit. However, due to market competition, the selling price has fallen to $17 per unit. This company's current inventory consists of 180 units purchased at $18 per unit. Replacement cost has fallen to $15 per unit. Calculate the value of this company's inventory at the lower of cost or market.
A)$2,650. B)$3,060. C)$2,700. D)$3,240 E)$2,800.
Purchases January: 26 units at $113 February: 36 units at $124 May: 31 units at $136 September: 28 units at $144 November: 26 units at $154Explanation / Answer
As per chegg guidelines we answer one question per post. Kindly post remaining questions in next post Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars No of units Cost per unit Cost of ending inventory Cost of the ending inventory : January 8.00 113.00 904.00 February 9.00 124.00 1,116.00 May 13.00 136.00 1,768.00 September 7.00 144.00 1,008.00 November 11.00 154.00 1,694.00 Cost of the ending inventory 48.00 6,490.00
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