R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20-, were as follows: Units Unit Price Total Cost Jan. 1- Beginning inventory 20 $12 $240 Apr. 2 1st Purchase Aug. 6 2nd purchase 30 $13 390 25 $14 350 Nov. 9 - 3rd pPurchase 25 $18 450 $1,430 There are 20 units of inventory on hand at December 31, 20--. 1. Calculate the total amount to be assigned to the ending inventory under each of the following methods: a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) 2. Assume the market price per unit (cost to replace) of the R. &. K. Company's inventory on December 31, was $16. Calculate the total amount to be assigned to the ending inventory on December 31, under each of the following methods: a. FIFO lower-of-cost-or-market b. Weighted-average lower-of-cost-or-market

R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20-, were as follows: Units Unit Price Total Cost Jan. 1- Beginning inventory 20 $12 $240 Apr. 2 1st Purchase Aug. 6 2nd purchase 30 $13 390 25 $14 350 Nov. 9 - 3rd pPurchase 25 $18 450 $1,430 There are 20 units of inventory on hand at December 31, 20--. 1. Calculate the total amount to be assigned to the ending inventory under each of the following methods: a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) 2. Assume the market price per unit (cost to replace) of the R. &. K. Company's inventory on December 31, was $16. Calculate the total amount to be assigned to the ending inventory on December 31, under each of the following methods: a. FIFO lower-of-cost-or-market b. Weighted-average lower-of-cost-or-market

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Description: Main.do?invoker-8takeAssignmentocateR. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20-, were as follows:1TIUnitsUnit PriceTotal CostJan. 1- Beginning inventory20$12$240Apr. 2 1st Purchase30$13390Aug. 6

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...

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