HomeworkLib
Question

The following units of an inventory item were available for sale during the year: Beginning inventory...

The following units of an inventory item were available for sale during the year:

Beginning inventory 7 units at $51
First purchase 17 units at $52
Second purchase 23 units at $57
Third purchase 17 units at $59

The firm uses the periodic inventory system. During the year, 37 units of the item were sold.

The value of ending inventory using FIFO is

business   accounting   
1 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Ending inventory = Units available - Units sold

= (7+17+23+17) - 37 = 27 units

Cost of ending inventory under Fifo

= (17*59) + (27-17)*57

= 1573
0 4
Add a comment
Know the answer?
Add Answer to:
The following units of an inventory item were available for sale during the year: Beginning inventory...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • The following units of an item were available for sale during the year: Beginning inventory 41...

    The following units of an item were available for sale during the year: Beginning inventory 41 units at $45 Sale 15 units at $63 First purchase 24 units at $46 Sale 7 units at $63 Second purchase 30 units at $49 Sale 21 units at $63 The firm uses the perpetual inventory system, and there are 52 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according...

  • The following units of an item were available for sale during the year: Beginning inventory 45...

    The following units of an item were available for sale during the year: Beginning inventory 45 units at $44 Sale 42 units at $64 First purchase 23 units at $45 Sale 10 units at $66 Second purchase 26 units at $48 Sale 22 units at $67 The firm uses the perpetual inventory system, and there are 20 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according...

  • The following lots of Commodity Z were available for sale during the year. Beginning inventory 10...

    The following lots of Commodity Z were available for sale during the year. Beginning inventory 10 units at $48 First purchase 15 units at $51 Second purchase 51 units at $59 Third purchase 15 units at $60 The firm uses the periodic system, and there are 23 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method? a.$1,143 b.$1,372 c.$1,104 d.$5,154

  • The following units of an inventory item were available for sale during the year. Use this...

    The following units of an inventory item were available for sale during the year. Use this information to answer the following Beginning inventory First purchase Second purchase Third purchase 10 units at $55 25 units at $60 30 units at $65 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The value of ending inventory using LIFO is O $1,350 O $1,150 O $1,250 O $1,375 1 more...

  • The following lots of a particular commodity were available for sale during the year Beginning inventory 10 units...

    The following lots of a particular commodity were available for sale during the year Beginning inventory 10 units at $52 First purchase 16 units at $54 Second purchase 26 units at $24 Third purchase 18 units at $60 The firm uses the periodic system, and there are 22 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year rounded to nearest dollar according to the average...

  • FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available...

    FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 31 units at $44 Sale 23 units at $66 First purchase 24 units at $47 Sale 17 units at $66 Second purchase 30 units at $49 Sale 19 units at $68 The firm uses the perpetual inventory system, and there are 26 units of the item on hand at the end of the year. a. What is...

  • The following lots of Commodity Z were available for sale during the year. Beginning inventory 8...

    The following lots of Commodity Z were available for sale during the year. Beginning inventory 8 units at $50 First purchase 18 units at $53 Second purchase 25 units at $56 Third purchase 13 units at $58 The firm uses the periodic system, and there are 27 units of the commodity on hand at the end of the year What is the ending inventory balance at the end of the year according to the FIFO method? a. $1,538 b. $1,350...

  • The following lots of a particular commodity were available for sale during the year Beginning inventory...

    The following lots of a particular commodity were available for sale during the year Beginning inventory 10 units at $49 First purchase 18 units at $54 Second purchase 25 units at $20 Third purchase 13 units at $60 The firm uses the periodic system, and there are 23 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year rounded to nearest dollar according to the average...

  • v2.cengagenow.com CengageNOWv2 1 Online teaching and leaming m Cengage Calculator The following units of an inventory...

    v2.cengagenow.com CengageNOWv2 1 Online teaching and leaming m Cengage Calculator The following units of an inventory item were available for sale during the year: 8 units at $48 Beginning inventory 18 units at $51 First purchase Second purchase 24 units at $57 Third purchase 19 units at $57 The firm uses the periodic inventory system. During the year, 52 units of the item were sold. The value of ending inventory using LIFO is Oa. $1,035 Ob. $384 Oc $1,227 Od...

  • FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available...

    FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 31 units at $41 Sale 12 units at $59 First purchase 25 units at $42 Sale 7 units at $60 Second purchase 28 units at $45 Sale 30 units at $62 The firm uses the perpetual inventory system, and there are 35 units of the item on hand at the end of the year. a. What is...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT