Question

The Rock Shop shows the following data related to an item of inventory:                Inventory, January...

The Rock Shop shows the following data related to an item of inventory:   

            Inventory, January 1                           300 units @ $5.00 = $1,500

            Purchase, January 9                           1300 units @ $6.00 =   7,800

            Purchase, January 19                         400 units @ $8.00 = 3,200

            Total 2,000 units = $12,500

Inventory, January 31                         600 units

What is value assigned to ending inventory on January 31 if FIFO is used?

Group of answer choices

4400

3300

8100

9200

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
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
Similar Questions
The Rock Shop shows the following data related to an item of inventory: Inventory, January 1...
The Rock Shop shows the following data related to an item of inventory: Inventory, January 1 300 units @ $5.00 Purchase, January 9 900 units @ $5.40 Purchase, January 19 210 units @ $6.00 Inventory, January 31 300 units Required: Please show all calculations (a) What value should be assigned to the ending inventory using FIFO? (b) What value should be assigned to cost of goods sold using LIFO? (c) What value should be assigned to the ending inventory using...
The Crane Shop shows the following data related to an item of inventory: Inventory, January 1...
The Crane Shop shows the following data related to an item of inventory: Inventory, January 1 280 units @ $6.00 Purchase, January 9 940 units @ $6.50 Purchase, January 19 230 units @ $7.00 Inventory, January 31 280 units (a) What value should be assigned to the ending inventory using FIFO? Value assigned to the ending inventory
The Sandhill Shop shows the following data related to an item of inventory: Inventory, January 1...
The Sandhill Shop shows the following data related to an item of inventory: Inventory, January 1 310 units @ $4.00 Purchase, January 9 910 units @ $4.50 Purchase, January 19 210 units @ $5.00 Inventory, January 31 310 units (a) What value should be assigned to the ending inventory using FIFO? Value assigned to the ending inventory $
PROBLEM III The Pins Shop shows the following data related to an item of inventory. Inventory,...
PROBLEM III The Pins Shop shows the following data related to an item of inventory. Inventory, January 1          100 units @ $5.00 Purchases, January 9        300 units @ $5.40 Purchases, January 19      70 units @ $6.00 Ending Inventory for the period, January 31:           120 units REQUIRED: What value should be assigned to the ending inventory and cost of goods sold using FIFO, using the periodic system? What value should be assigned to the ending inventory and cost of goods sold...
Smart Co. has the following data related to an item of inventory: Inventory, March 1 140...
Smart Co. has the following data related to an item of inventory: Inventory, March 1 140 units @ $7.65 Purchase, March 7 350 units @ $8.34 Purchase, March 16 66 units @ $15.91 Inventory, March 31 164 units The value assigned to ending inventory if Smart uses periodic FIFO is: Select one: a. $1743.87 b. $1367.76 c. $2609.24 d. $1867.38
Niles Co. has the following data related to an item of inventory recorded : Inventory, March...
Niles Co. has the following data related to an item of inventory recorded : Inventory, March 1     200 units @ $2.10 Purchase, March 7      700 units @ $2.20 Purchase, March 16    140 units @ $2.25 Sale, March 28            780 units @ 4.00 The value assigned to cost of goods sold if Niles uses FIFO  under perpetual inventory system  is (do not type $) :
Swifty Corporation has the following data related to an item of inventory: Inventory, March 1 450...
Swifty Corporation has the following data related to an item of inventory: Inventory, March 1 450 units @ $1.90 Purchase, March 7 1430 units @ $2.00 Purchase, March 16 330 units @ $2.05 Inventory, March 31 580 units The value assigned to ending inventory if Swifty uses LIFO is $1102. $1177. $1187. $1115.
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 370 units. Ending inventory at January 31 totals 150 units. Units Unit Cost Beginning inventory on January 1 330 $ 3.20 Purchase on January 9 80 3.40 Purchase on January 25 110 3.50 Required: Assume the perpetual inventory system is used and then determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 420 units. Ending inventory at January 31 totals 170 units. Units Unit Cost Beginning inventory on January 1 380 $ 3.70 Purchase on January 9 90 3.90 Purchase on January 25 120 4.00 Required: Assume the perpetual inventory system is used and then determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
Niles Co. has the following data related to an item of inventory recorded : Inventory, March...
Niles Co. has the following data related to an item of inventory recorded : Inventory, March 1     200 units @ $2.10 Purchase, March 7      700 units @ $2.20 Purchase, March 16    140 units @ $2.25 Sale, March 28 780 units @ 4.00 The value assigned to ending inventory if Niles uses LIFO  under periodic inventory system is (do not type $):
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT