Question
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 | 12 units at $47 |
| First purchase | 16 units at $50 |
| Second purchase | 22 units at $22 |
| Third purchase | 16 units at $61 |
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 rounded to nearest dollar according to the average cost method? Do not round intermediate calculations.
a.$1,269
b.$1,155
c.$1,218
d.$1,314
Homework Answers
Answer #1
Not the answer you're looking for?
Similar Questions
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
12 units at $52
First purchase
17 units at $53
Second purchase
25 units at $22
Third purchase
13 units at $57
The firm uses the
periodic system, and there are 26 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...
The following lots of Commodity Z were available for sale during the year. Beginning inventory 11...
The following lots of Commodity Z were available for sale during
the year.
Beginning inventory
11 units at $47
First purchase
18 units at $55
Second purchase
22 units at $57
Third purchase
14 units at $63
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 according to the FIFO
method?
a.$1,034
b.$3,643
c.$3,621
d.$1,338...
A. The following lots of a particular commodity were available for sale during the year Beginning...
A.
The following lots of a particular commodity were available for
sale during the year
Beginning inventory
9 units at $51
First purchase
19 units at $55
Second purchase
23 units at $22
Third purchase
15 units at $58
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...
The following lots of a Commodity P were available for sale during the year. Use this...
The following lots of a Commodity P were available for sale
during the year. Use this information to answer the questions that
follow.
Beginning inventory
5 units at $61
First purchase
15 units at $63
Second purchase
10 units at $74
Third purchase
10 units at $77
The firm uses the periodic system, and there are 20 units of the
commodity on hand at the end of the year.
What is the amount of cost of goods...
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 $30
First purchase
25 units at $32
Second purchase
30 units at $34
Third purchase
10 units at $35
The firm uses the periodic system, and there are 20 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.$620
b.$690
c.$659
d.$655...
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
11 units at $49
First purchase
16 units at $51
Second purchase
26 units at $22
Third purchase
15 units at $64
The firm uses the periodic inventory system. During the year, 27
units of the item were sold.
The value of ending inventory rounded to nearest dollar using
average cost is: (Round average cost per unit to three decimal
place.)
$1,355
$1,224
$1,741...
The following units of an item were available for sale during the year: Beginning inventory 20...
The following units of an item were available for sale during
the year:
Beginning inventory
20 units @ $42
Sale
17 units @ $61
First purchase
24 units @ $43
Sale
21 units @ $62
Second purchase
30 units @ $45
Sale
14 units @ $63
The firm uses the perpetual inventory system, and there are 22
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 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
$53 Second purchase 23 units at $55 Third purchase 14 units at
$65
The firm uses the periodic inventory system. During the year, 48
units of the item were sold.
The value of ending inventory using LIFO is a.$675 b.$854 c.$357
d.$1,032
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
8 units at $51
First purchase
17 units at $54
Second purchase
23 units at $56
Third purchase
18 units at $60
The firm uses the periodic inventory system. During the year, 38
units of the item were sold.
The value of ending inventory using FIFO is
a.$1,312
b.$2,048
c.$2,558
d.$1,640
The following amounts and costs of platters were available for sale by Southwest Pottery during 2019:...
The following amounts and costs of platters were available for
sale by Southwest Pottery during 2019: Beginning inventory 10 units
at $123 First purchase 15 units at $165 Second purchase 30 units at
$210 Third purchase 25 units at $195 Southwest Pottery, which uses
a periodic inventory system, has 35 platters on hand at the end of
the year. How much is cost of goods sold in dollars at the end of
the year according to the weighted-average cost method?
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 7 minutes ago
asked 16 minutes ago
asked 21 minutes ago
asked 21 minutes ago
asked 37 minutes ago
asked 39 minutes ago
asked 55 minutes ago
asked 57 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago