Akira Company had the following transactions for the month. Sales for the month are $25 per unit. # of Units Cost per Unit Beginning Inventory 150 $10 Purchased Mar. 31 160 $12 Purchased Oct. 15 130 $15 Ending Inventory 50 ? In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using periodic inventory updating. PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit, which will be rounded to two decimal places and include "$". Weighted average cost per unit = ___?_____ per unit Cost Allocation Method Cost of Goods Available Cost of Goods Sold Ending Inventory Sales Gross Margin First-in, First-out (FIFO) Last-in, First-out (LIFO) Weighted Average (AVG)
Akira Company had the following transactions for the month. Sales for the month are $25 per unit. # of Units Cost per Unit Beginning Inventory 150 $10 Purchased Mar. 31 160 $12 Purchased Oct. 15 130 $15 Ending Inventory 50 ? In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using periodic inventory updating. PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit, which will be rounded to two decimal places and include "$". Weighted average cost per unit = ___?_____ per unit Cost Allocation Method Cost of Goods Available Cost of Goods Sold Ending Inventory Sales Gross Margin First-in, First-out (FIFO) Last-in, First-out (LIFO) Weighted Average (AVG)
Chapter10: Inventory
Section: Chapter Questions
Problem 5EA: Akira Company had the following transactions for the month. Calculate the ending inventory dollar...
Related questions
Topic Video
Question
Akira Company had the following transactions for the month. Sales for the month are $25 per unit.
# of Units | Cost per Unit | |
Beginning Inventory | 150 | $10 |
Purchased Mar. 31 | 160 | $12 |
Purchased Oct. 15 | 130 | $15 |
Ending Inventory | 50 | ? |
In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using periodic inventory updating.
PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit, which will be rounded to two decimal places and include "$".
Weighted average cost per unit = ___?_____ per unit
Cost Allocation Method | Cost of Goods Available | Cost of Goods Sold |
Ending Inventory |
Sales |
Gross Margin |
First-in, First-out (FIFO) |
|||||
Last-in, First-out (LIFO) |
|||||
Weighted Average (AVG) |
Expert Solution
Step 1
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
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.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning