Homework Answers
Under the FIFO method of inventory valuation, ending inventory consists of the units from recent purchases. Under the LIFO method of inventory valuation, ending inventory consists of the units from earliest purchases.
(1) 1,000 units in ending inventory consists of 1,700 units received on January 28
Ending inventory = 1,000 * $5.64 = $5,640
(2) 1,000 units in ending inventory consists of 1,300 units received on January 2
Ending inventory = 1,000 * $4.83 = $4,830
(3) Cost of units available for sale = (1,300 * $4.83) + (700 * $5.15) + (1,100 * $5.31) + (1.400 * $5.47) + (1,700 8 $5.64)
= $32,971
Number of units available for sale = 1,300 + 700 + 1,100 + 1,400 + 1,700
= 6,200
Weighted average cost per unit = Cost of units available for sale / Number of units available for sale
= $32,971 / 6,200
= $5.32
Ending inventory = 1,000 units * $5.32 per unit
= $5,320
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Attempts: 2 of 3 used ( 2) From these data compute the ending inventory on each of the following bases. Assum...
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Some of the information found on a detail inventory card for Oriole Inc. for the first...
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Some of the information found on a detail inventory card for Ayayai Inc. for the first...
Some of the information found on a detail inventory card for
Ayayai Inc. for the first month of operations is as
follows.
Received
Date
No. of Units
Unit Cost
Issued,
No. of Units
Balance,
No. of Units
January 2
1,600
$3.75
1,600
7
1,100
500
10
1,000
4.00
1,500
13
900
600
18
1,400
4.13
700
1,300
20
1,100
200
23
1,700
4.25
1,900
26
1,200
700
28
2,000
4.38
2,700
31
1,700
1,000
If the perpetual inventory record is...
Problem 8-4 Headland Company’s record of transactions concerning part X for the month of April was...
Problem 8-4
Headland Company’s record of transactions concerning part X for the
month of April was as follows.
Purchases
Sales
April 1
(balance on hand)
350
@
$6.60
April 5
550
4
650
@
6.73
12
450
11
550
@
7.00
27
1,300
18
450
@
7.06
28
150
26
850
@
7.39
30
450
@
7.66
Calculate average-cost per unit. Assume that perpetual
inventory records are kept in units only. (Round answer
to 2 decimal places, e.g. 2.76.)
Average-cost...
Some of the information found on a detail inventory card for Oriole Inc. for the first...
Some of the information found on a detail inventory card for
Oriole Inc. for the first month of operations is as
follows.
Received
Date
No. of Units
Unit Cost
Issued,
No. of Units
Balance,
No. of Units
January 2
1,700
$4.74
1,700
7
1,200
500
10
1,100
5.06
1,600
13
1,000
600
18
1,500
5.21
800
1,300
20
1,100
200
23
1,800
5.37
2,000
26
1,300
700
28
2,100
5.53
2,800
31
1,800
1,000
Calculate average-cost per unit. (Round answer to...
Problem 8-04 Sunland Company's record of transactions concerning part X for the month of April was...
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Receiveu No. of Units 1,300 Date Issued, No. of Units Unit Cost $4.38 January 800 700...
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Some of the information found on a detail inventory card for Metlock Inc. for the first month of operations is as...
Some of the information found on a detail inventory card for Metlock Inc. for the first month of operations is as follows. Date January 2 Received Issued, Balance, No. of Units Unit Cost No. of Units No. of Units 1,700 $3.84 1,700 1,200 500 1,100 4.10 1,600 1,000 600 1,500 800 1,300 1,100 1,800 4.35 2,000 1,300 700 2,100 4.48 2,800 1,800 1,000 4.22 200 Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per unit...
Problem 8-05 (Part Level Submission) Some of the information found on a detail inventory card for...
Problem 8-05 (Part Level Submission) Some of the information found on a detail inventory card for Coronado Inc. for the first month of operations is as follows. Received No. of Units 1,400 Date Issued, No. of Units Unit Cost $4.02 January 2 900 800 4.29 Balance, No. of Units 1,400 500 1,300 600 1,300 200 1,700 700 2,500 1,000 1,200 700 500 1,100 4.42 1,500 4.56 1,000 1,800 4.69 1,500 (b) Your answer is partially correct. Try again. If the...
Some of the information found on a detail inventory card for Oriole Inc. for the first month of operations is as follows. Date January 2 5.06 Received Issued, Balance, No. of Units Unit Cost No. of Units No. of Units 1,700 $4.74 1,700 1.200 500 1,100 1,600 1,000 600 1,500 5.21 800 1,300 1,100 1,800 5.37 2.000 1,300 700 2,100 5.53 2.800 1,800 1,000 200 Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per...
Some of the information found on a detail inventory card for
Ayayai Inc. for the first month of operations is as
follows.
Received
Date
No. of Units
Unit Cost
Issued,
No. of Units
Balance,
No. of Units
January 2
1,600
$3.75
1,600
7
1,100
500
10
1,000
4.00
1,500
13
900
600
18
1,400
4.13
700
1,300
20
1,100
200
23
1,700
4.25
1,900
26
1,200
700
28
2,000
4.38
2,700
31
1,700
1,000
If the perpetual inventory record is...
Problem 8-4
Headland Company’s record of transactions concerning part X for the
month of April was as follows.
Purchases
Sales
April 1
(balance on hand)
350
@
$6.60
April 5
550
4
650
@
6.73
12
450
11
550
@
7.00
27
1,300
18
450
@
7.06
28
150
26
850
@
7.39
30
450
@
7.66
Calculate average-cost per unit. Assume that perpetual
inventory records are kept in units only. (Round answer
to 2 decimal places, e.g. 2.76.)
Average-cost...
Some of the information found on a detail inventory card for
Oriole Inc. for the first month of operations is as
follows.
Received
Date
No. of Units
Unit Cost
Issued,
No. of Units
Balance,
No. of Units
January 2
1,700
$4.74
1,700
7
1,200
500
10
1,100
5.06
1,600
13
1,000
600
18
1,500
5.21
800
1,300
20
1,100
200
23
1,800
5.37
2,000
26
1,300
700
28
2,100
5.53
2,800
31
1,800
1,000
Calculate average-cost per unit. (Round answer to...
Problem 8-04 Sunland Company's record of transactions concerning part X for the month of April was as follows. Purchases 1 (balance on hand) April April 320 @ $6.30 620 @ 6.40 520 @ 6.70 420 @ 6.70 820 @ 7.10 420 7.30 Sales 5 520 12 420 27 1,240 29 150 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 4 decimal places, e.g. 2.7682.) Average-cost per units LINK TO TEXT Compute...
Receiveu No. of Units 1,300 Date Issued, No. of Units Unit Cost $4.38 January 800 700 4.67 600 Balance, No. of Units 1,300 500 1,200 600 1,300 200 1,600 700 2,400 1,000 1,100 4.82 400 1,100 1,400 4.96 900 1,700 5.11 1,400 (a1) (a2) From these data compute the ending inventory on each of the following bases. Assume that perpetual inve out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to o decimal places, e (1) (2) (3)...
Some of the information found on a detail inventory card for Metlock Inc. for the first month of operations is as follows. Date January 2 Received Issued, Balance, No. of Units Unit Cost No. of Units No. of Units 1,700 $3.84 1,700 1,200 500 1,100 4.10 1,600 1,000 600 1,500 800 1,300 1,100 1,800 4.35 2,000 1,300 700 2,100 4.48 2,800 1,800 1,000 4.22 200 Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per unit...
Problem 8-05 (Part Level Submission) Some of the information found on a detail inventory card for Coronado Inc. for the first month of operations is as follows. Received No. of Units 1,400 Date Issued, No. of Units Unit Cost $4.02 January 2 900 800 4.29 Balance, No. of Units 1,400 500 1,300 600 1,300 200 1,700 700 2,500 1,000 1,200 700 500 1,100 4.42 1,500 4.56 1,000 1,800 4.69 1,500 (b) Your answer is partially correct. Try again. If the...
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