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?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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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