FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- pre.22arrow_forwardThe inventory records for Radford Company reflected the following Beginning inventory on May 1 First purchase on May 7 second purchase on May 17 Third purchase on May 23 1,800 units @ $5.20 1,900 units @ $5.40 2,100 units @ $5.50 1,700 units @ $5.60 Sales on May 31 5,700 units @ $7.10 What is the weighted average cost per unit for May? Multiple Choice $5.37 $5.43arrow_forwardThe following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?arrow_forward
- Balamb Corporation had the following transactions for the month: Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted averagearrow_forwardBeginning Inventory at FIFO: 15 Units @ $16 = $240 Beginning Inventory at LIFO: 15 Units @ $12 = $1801. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods. 2. Which costing method is the more accurate indicator of the efficiency of inventory management?arrow_forwardWhat is the weighted average unit cost using the following information? Beginning Inventory 11/1: 1,000 units at $25 per unit Purchase 11/10: 2,500 units at $30 per unit Purchase 11/15: 1,500 units at $20 per unit Sold 11/25: 2,500 units for $50 each $25.00 $26.00 $30.00 $36.00arrow_forward
- The inventory records of TC show the following purchases:Month Units CostJanuary 15,000 190,500February 20,000 240,000March 12,500 165,00A physical count on March 31 shows 22,500 units on hand. What amount of inventory should be reported as of March 31, using FIFO method of costing?a. 120,000 b. 225,000 c. 280,500 d. 285,000arrow_forwardCalculate Inventory Carrying Cost (ICC) using the information below. annual demand ordering cost per order inventory carrying cost percentage leadtime unit value #days in the period. EOQ 1000 $75 20% 3 days $30 360 158arrow_forwardHow many units must be in ending inventory if beginning inventory was 16,924 units, 31,777 units were started, and 34,076 units were completed and transferred out?arrow_forward
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