Question

On January 1, 2020, Widget Company had 1,600 units of Inventory, which were reported on their...

On January 1, 2020, Widget Company had 1,600 units of Inventory, which were reported on their Balance Sheet at $ 6.00 per unit.
During 2020, Widget had the following transactions:
March 1, 2020: Sold 1,000 units of Inventory @ $ 15 per unit
May 1, 2020:Purchased 900 units of Inventory @ $ 7 per unit
September 1, 2020: Sold 1,200 units of Inventory @ 16 per unit
December 31, 2020: Purchased 700 units of Inventory @ $ 8 per unit.
If Widge Company uses a Periodic LIFO Inventory System, and closes their books once each year, what is the amount reported for Inventory on their December 31, 2020 Balance Sheet?

A.$ 6,000

B.$ 7,400

C.$ 7,700

D.None of the above.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
On January 1, 2016 Oxford Company had 3,500 units in inventory at a cost of $9...
On January 1, 2016 Oxford Company had 3,500 units in inventory at a cost of $9 per unit.  During 2016 Oxford company purchased 3,000 units (Lot #1 - the first units purchased during the year) at a cost of $9.50 per unit, 4,000 units (Lot #2) at a cost of $10.50 per unit and 2,500 units (Lot #3) at a cost of $10 per unit.  The company sold 8,700 units during 2016 at a sales price of $12.25 per unit.  If Oxford Company...
On January 1, 2016 Oxford Company had 3,500 units in inventory at a cost of $9...
On January 1, 2016 Oxford Company had 3,500 units in inventory at a cost of $9 per unit.  During 2016 Oxford company purchased 3,000 units (Lot #1 - the first units purchased during the year) at a cost of $9.50 per unit, 4,000 units (Lot #2) at a cost of $10.50 per unit and 2,500 units (Lot #3) at a cost of $10 per unit.  The company sold 8,700 units during 2016 at a sales price of $12.25 per unit.  If Oxford Company...
ABC Company employs a periodic inventory system and sells its inventory to customers for $23 per...
ABC Company employs a periodic inventory system and sells its inventory to customers for $23 per unit. ABC Company had the following inventory information available for the month of May: May 1 Beginning inventory 1,600 units @ $12 cost per unit May 8 Sold 1,100 units May 13 Purchased 1,700 units @ $24 cost per unit May 18 Sold 1,000 units May 21 Purchased 1,500 units @ $18 cost per unit May 28 Sold 800 units May 30 Purchased 1,200...
On January 1, 2016 Oxford Company had 3,500 units in inventory at a cost of $9...
On January 1, 2016 Oxford Company had 3,500 units in inventory at a cost of $9 per unit.  During 2016 Oxford company purchased 3,000 units (Lot #1 - the first units purchased during the year) at a cost of $9.50 per unit, 4,000 units (Lot #2) at a cost of $10.50 per unit and 2,500 units (Lot #3) at a cost of $10 per unit.  The company sold 8,700 units during 2016 at a sales price of $12.25 per unit.  If Oxford Company...
ABC Company employs a periodic inventory system and sells its inventory to customers for $23 per...
ABC Company employs a periodic inventory system and sells its inventory to customers for $23 per unit. ABC Company had the following inventory information available for the month of May: May 1 Beginning inventory 1,600 units @ $12 cost per unit May 8 Sold 1,100 units May 13 Purchased 1,700 units @ $24 cost per unit May 18 Sold 1,000 units May 21 Purchased 1,500 units @ $18 cost per unit May 28 Sold 800 units May 30 Purchased 1,200...
On January 1, 2016 Oxford Company had 3,500 units in inventory at a cost of $9...
On January 1, 2016 Oxford Company had 3,500 units in inventory at a cost of $9 per unit.  During 2016 Oxford company purchased 3,000 units (Lot #1 - the first units purchased during the year) at a cost of $9.50 per unit, 4,000 units (Lot #2) at a cost of $10.50 per unit and 2,500 units (Lot #3) at a cost of $10 per unit.  The company sold 8,700 units during 2016 at a sales price of $12.25 per unit.  If Oxford Company...
On December 1, a company had 1,000 units in inventory valued at $787,500. On December 12,...
On December 1, a company had 1,000 units in inventory valued at $787,500. On December 12, the company purchased 2,000 units for $1,562,400. Sales of 2,400 units were made on December 23, and on December 30, the company purchased another 2,000 units for $1,537,200. If the company uses a periodic system and the weighted-average inventory valuation method, the company’s December 31 balance sheet would report inventory of A.$2,007,180 B.$2,021,292 C.$2,014,740 D.$2,025,660
2. The Wacky Widget Company uses a periodic inventory approach. The units of items available for...
2. The Wacky Widget Company uses a periodic inventory approach. The units of items available for sale during the year are as follows: January 1: Beginning Inventory                             90units@$54 each March 10: Purchase                                                  112units@$55 each August 30: Purchase                                                 100units@$58each December 12: Purchase                                             98units@$60each There are 104 units of the item in the physical inventory on December 31. Determine the cost of the ending inventory and the cost of merchandise sold under the FIFO, LIFO and Weighted Average Cost methods.
Ziad Company had a beginning inventory on January 1 of 285 units of Product 4-18-15 at...
Ziad Company had a beginning inventory on January 1 of 285 units of Product 4-18-15 at a cost of $19 per unit. During the year, the following purchases were made. Mar. 15 760 units at $22 Sept. 4 665 units at $25 July 20 475 units at $23 Dec. 2 190 units at $28 1,900 units were sold. Ziad Company uses a periodic inventory system. A: Determine the cost of good available for sale B: Calculate the average cost per...
ABC Company uses a periodic inventory system. As of January 1, 2019, ABC Company has 1,100...
ABC Company uses a periodic inventory system. As of January 1, 2019, ABC Company has 1,100 units of a particular product at a cost of $7.35 per unit. At December 31, 2019, 1,500 units of the product remain on hand. The purchases of the product during the year are shown below: 1st purchase 1,450 units at $7.50 per unit 2nd purchase 1,600 units at $8.20 per unit 3rd purchase 1,000 units at $8.50 per unit What is cost of goods...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT