On January 2020, Roel Corp. has the following inventory purchases. January Units Amount 4 5750 $7500 9 5100 $5850 17 7600 $6300 27 6600 $4950 A physical count of inventory on January 30 reveals that there are 1,000 units on hand.   Questions: 1. Under the weighted average cost method, what is the amount allocated to the ending inventory on January 31, 2020? 2. Under the FIFO inventory method, what is the value of the ending inventory on January 31, 2020? 3. Under the LIFO inventory method, what is the value of the ending inventory on January 31, 2020?

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 13RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...
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On January 2020, Roel Corp. has the following inventory purchases.

January Units Amount
4 5750 $7500
9 5100 $5850
17 7600 $6300
27 6600 $4950

A physical count of inventory on January 30 reveals that there are 1,000 units on hand.

 

Questions:

1. Under the weighted average cost method, what is the amount allocated to the ending inventory on January 31, 2020?

2. Under the FIFO inventory method, what is the value of the ending inventory on January 31, 2020?

3. Under the LIFO inventory method, what is the value of the ending inventory on January 31, 2020?

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