FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- compute the number of units in ending inventoryarrow_forwardThe following information relates to inventory for Happy Eddie Incorporated: Date Transaction Quantity Cost March 1 Beginning Inventory 20 March 7 Purchase 15 March 12 Purchase 20 $2 $3 $4 A physical count revealed 30 units remained on hand at March 31. At what amount would Happy Eddie report its ending inventory using LIFO cost flow assumption? $170 $55 $110 $70arrow_forward19arrow_forward
- Radical Radials Company has the following inventory data:July 1 beginning inventory: 30 units at $19 eachJuly 7 purchases: 105 units at $20 each July 22 purchases: 15 units at $22 eachA physical count of merchandise inventory on July 30 reveals that there are 48 units on hand. Using the LIFO inventory method, the amount allocated to ending inventory for July is:a. $930b. $912c. $960d. $1,056.arrow_forwardInventory records for Capetown, Incorporated revealed the following: Date April 1 April 20 Transaction Beginning Inventory Purchase Number of Units 570 330 Unit Cost $ 2.37 2.72 Capetown sold 590 units of inventory during the month. What is the amount of ending Inventory assuming weighted-average cost? (Round weighted-average unit cost to 4 decimals and round your final answer to the nearest whole dollar.) Multiple Choice $789 $774 $864 $742arrow_forwardsavitaarrow_forward
- The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 32 units @ $34 1,088 Nov. 28 Purchase 40 units @ $37 1,480 97 units $3,293 There are 17 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method. $4 b. Determine the inventory cost by the LIFO method. $4 c. Determine the inventory cost by the average cost methods.arrow_forwardA company's inventory records report the following in November of the current year: Date November 1 Beginning inventory November 2 Purchase November 8 Sales November 12 Purchase Multiple Choice O O 6 units @ $55 = $330 Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? $554 Activities $398 $642 Units Acquired at Cost 5 units @ $50 = $250 10 units @ $52 = $520 Units Sold at Retail 12 units @ $84arrow_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_forward
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