Question

Rogers Products uses a periodic inventory system. The company’s records show the beginning inventory of PH4...

Rogers Products uses a periodic inventory system. The company’s records show the beginning inventory of PH4 oil filters on January 1 and the purchases of this item during the current year to be as follows.

Jan. 1 Beginning inventory 90 units @ $ 3.00 $ 270.00

Feb. 23 Purchase 120 units @ $ 3.50 420.00

Apr. 20 Purchase 300 units @ $ 3.80 1,140.00

May 4 Purchase 400 units @ $ 4.00 1,600.00

Nov. 30 Purchase 190 units @ $ 5.00 950.00

Totals 1,100 units $ 4,380.00

A physical count indicates 200 units in inventory at year-end.

Determine the cost of the ending inventory on the basis of each of the following methods of inventory valuation. (Remember to use periodic inventory costing procedures.) (Round intermediate calculations to 2 decimal places. Round your final answers to the nearest whole dollar.)

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
Rogers Products uses a periodic inventory system. The company’s records show the beginning inventory of PH4...
Rogers Products uses a periodic inventory system. The company’s records show the beginning inventory of PH4 oil filters on January 1 and the purchases of this item during the current year to be as follows. Jan. 1 Beginning inventory 12 units @ $ 3.00 $ 36.00 Feb. 23 Purchase 17 units @ $ 3.50 59.50 Apr. 20 Purchase 26 units @ $ 3.80 98.80 May 4 Purchase 44 units @ $ 4.00 176.00 Nov. 30 Purchase 18 units @ $...
Gaga Fashions uses a periodic inventory system. The beginning inventory of a particular product, and the...
Gaga Fashions uses a periodic inventory system. The beginning inventory of a particular product, and the purchases during the current year, were as follows: Jan 1 Beginning Inventory            400 $7.00        2,800 Feb 15 Purchase         1,000 $7.50        7,500 June 30 Purchase         1,400 $8.00      11,200 Nov 25 purchase         1,200 $8.25        9,900 Total Available for Sale in Year         4,000      31,400 At December 31, the ending inventory of this product consisted of 1,300 units....
Flora's Gifts reported the following current-month data for its only product. The company uses a periodic...
Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 78 units—59 units from the January 6 purchase and 19 units from the January 25 purchase. Jan. 1 Beginning inventory 180 units @ $3.80 = $ 684.00 Jan. 6 Purchase 354 units @ $3.30 = 1,168.20 Jan. 17 Purchase 585 units @ $3.20 = 1,872.00 Jan. 25 Purchase 31 units @ $2.90 = 89.90 Totals 1,150...
Periodic Inventory by Three Methods The units of an item available for sale during the year...
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 6 units at $47 Feb. 17 Purchase 17 units at $48 Jul. 21 Purchase 7 units at $49 Nov. 23 Purchase 10 units at $49 There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to one decimal and final answers to the nearest...
Periodic Inventory by Three Methods The units of an item available for sale during the year...
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1   Inventory 1,075 units @ $130 Feb. 17   Purchase 1,425 units @ $131 Jul. 21   Purchase 1,570 units @ $133 Nov. 23   Purchase 1,125 units @ $134 There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value....
Periodic Inventory by Three Methods The units of an item available for sale during the year...
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1   Inventory 1,070 units @ $132 Feb. 17   Purchase 1,410 units @ $134 Jul. 21   Purchase 1,610 units @ $136 Nov. 23   Purchase 1,135 units @ $137 There are 1,210 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value....
Periodic Inventory by Three Methods The units of an item available for sale during the year...
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1   Inventory 1,005 units @ $126 Feb. 17   Purchase 1,425 units @ $127 Jul. 21   Purchase 1,555 units @ $130 Nov. 23   Purchase 1,130 units @ $132 There are 1,205 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value....
Periodic Inventory by Three Methods The units of an item available for sale during the year...
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1   Inventory 6 units at $26 Feb. 17   Purchase 12 units at $28 Jul. 21   Purchase 19 units at $29 Nov. 23   Purchase 18 units at $31 There are 5 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to one decimal and final answers to the nearest...
Periodic Inventory by Three Methods The units of an item available for sale during the year...
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1   Inventory 14 units at $46 Feb. 17   Purchase 6 units at $48 Jul. 21   Purchase 12 units at $50 Nov. 23   Purchase 4 units at $51 There are 14 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the...
Periodic Inventory by Three Methods The units of an item available for sale during the year...
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1   Inventory 4 units at $44 Feb. 17   Purchase 15 units at $45 Jul. 21   Purchase 16 units at $46 Nov. 23   Purchase 5 units at $48 There are 12 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to one decimal and final answers to the nearest...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT