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?
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...
Related questions
Question
100%
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?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Step 1 Inventory valuation under weighted average, FIFO and LIFO
VIEWStep 2 Calculation of number of units sold
VIEWStep 3 Calculation of value of ending inventory using weighted average cost method
VIEWStep 4 Calculation of value of ending inventory using FIFO method
VIEWStep 5 Calculation of value of ending inventory using LIFO method
VIEWTrending now
This is a popular solution!
Step by step
Solved in 5 steps with 1 images
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,