C Search.. WileyPLUS Kimme Helo 1 System Announcements l, Financial Accounting,
ID: 2511016 • Letter: C
Question
C Search.. WileyPLUS Kimme Helo 1 System Announcements l, Financial Accounting, Be, custom for university of Akron Exercise 204 Faster Company uses the periodic inventory method and had the following inventory information available 1/1 Beginning Inventory 15 $8.00 1/20 Purchase 7/25 Purchase 10/20 Purchase Units Unit Cost Total Cost $120 528 252 432 $1,332 60 $8.80 30 $8.40 45 $9.60 150 A physical count of inventory on December 31 revealed that there were 55 units on hand. questions. (Round por unit cost calculations to 2 decimal places, e.g. 5.25 and final answer 1. Assume 2. Assume 3. Assume 4. Assume e that the company uses the FIFO method. The vakue of the ending inventory at December 31 is that the company uses the average cost method. The value of the ending inventory on December 31 is that the company uses the LIFO method. The value of the ending Inventory on December 31 is that the company uses the FIFo method. The value of the cost of goods sold at December 31 is en.oz Question Attempts: 0 of 3 F10Explanation / Answer
1) value of ending inventory under FIFO = (45*9.60+10*8.40) = 516
2) Value of ending inventory under average cost = (1332/150*55) = 488.40 or 488
3) Value of ending inventory under LIFO = (15*8+40*8.80) = 472
4) Cost of goods sold under FIFO = (1332-516) = 816
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