17. On January 2020, Roel Corp. Has the following inventory purchases. January Units Amount 2 5,750 5,100 7,600 6,600 P7500 7 5,850 6,300 4,950 15 25 A physical count of inventory on January 30 reveals that there are 1,000 units on hand. a. Under the LIFO inventory method, what is the value of the ending inventory on January 31, 2020? b. Under the FIFO inventory method, what is the value of the ending inventory on January 31, 2020? Under the weighted average cost method, what is the amount allocated to the ending inventory on January 31, 2020?| C.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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17. On January 2020, Roel Corp. Has the following inventory purchases.
January
Units
Amount
2
5,750
P7500
7
5,100
5,850
15
7,600
6,300
25
6,600
4,950
A physical count of inventory on January 30 reveals that there are 1,000 units on hand.
а.
Under the LIFO inventory method, what is the value of the ending inventory on January 31,
2020?
b. Under the FIFO inventory method, what is the value of the ending inventory on January 31,
2020?
С.
Under the weighted average cost method, what is the amount allocated to the ending
inventory on January 31, 2020?
Transcribed Image Text:17. On January 2020, Roel Corp. Has the following inventory purchases. January Units Amount 2 5,750 P7500 7 5,100 5,850 15 7,600 6,300 25 6,600 4,950 A physical count of inventory on January 30 reveals that there are 1,000 units on hand. а. Under the LIFO inventory method, what is the value of the ending inventory on January 31, 2020? b. Under the FIFO inventory method, what is the value of the ending inventory on January 31, 2020? С. Under the weighted average cost method, what is the amount allocated to the ending inventory on January 31, 2020?
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