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 $ 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 $4 b. LIFO $4 C. Weighted-average (round calculations to two decimal places.)

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 $ 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 $4 b. LIFO $4 C. Weighted-average (round calculations to two decimal places.)

Name: Cost Allocation and Lower-of-Cost-or-MarketHall Company's beginning i
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Description: Cost Allocation and Lower-of-Cost-or-MarketHall Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown.Units Unit PriceTotal CostJanuary 1Beginning inventory800 $ 11.00$8,800March 51st purchase60012

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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