Cost Allocation and Lower-of-Cost-or-Market Hall Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown. Units Unit Price Total Cost January 1 Beginning inventory 800 $ 11.00 $4 8,800 March 5 1st purchase 600 12.00 7,200 April 16 2nd purchase 500 12.50 6,250 June 3 3rd purchase 700 14.00 9,800 August 18 4th purchase 800 15.00 12,000 September 13 5th purchase 900 17.00 15,300 November 14 6th purchase 400 18.00 7,200 December 3 7th purchase 500 20.30 10,150 5,200 $ 76,700 There are 1,100 units of inventory on hand on December 31. Required: 1. Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods Cost of Goods Cost of Ending Sold Inventory a. FIFO b. LIFO C. Weighted-average (round calculations to two decimal places.) 2. Assume that the marlret

Cost Allocation and Lower-of-Cost-or-Market Hall Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown. Units Unit Price Total Cost January 1 Beginning inventory 800 $ 11.00 $4 8,800 March 5 1st purchase 600 12.00 7,200 April 16 2nd purchase 500 12.50 6,250 June 3 3rd purchase 700 14.00 9,800 August 18 4th purchase 800 15.00 12,000 September 13 5th purchase 900 17.00 15,300 November 14 6th purchase 400 18.00 7,200 December 3 7th purchase 500 20.30 10,150 5,200 $ 76,700 There are 1,100 units of inventory on hand on December 31. Required: 1. Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods Cost of Goods Cost of Ending Sold Inventory a. FIFO b. LIFO C. Weighted-average (round calculations to two decimal places.) 2. Assume that the marlret

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Description: Required:1. Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:Cost of GoodsCost of EndingSoldInventorya. FIFO$b. LIFO$C. Weighted-average (round calculations t

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 7SPB: COST ALLOCATION AND LOWER-OF-COST-OR-MARKET Hall Companys beginning inventory and purchases during...

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