Question

A company purchased 500 units for $20 each on January 31. It purchased 550 units for...

A company purchased 500 units for $20 each on January 31. It purchased 550 units for $22 each on February 28. It sold a total of 640 units for $45 each from March 1 through December 31. What is the cost of ending inventory on December 31 if the company uses the first−​in, first−out ​(FIFO) inventory costing​ method? (Assume that the company uses a perpetual inventory​ system.)

A.

$8,200

B.

$4,980

C.

$9,020

D.

$3,220

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
A company purchased 90 units for $20 each on January 31. It purchased 180 units for...
A company purchased 90 units for $20 each on January 31. It purchased 180 units for $25 each on February 28. It sold 180 units for $60 each from March 1 through December 31. If the company uses the first-in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.)
Consider the following information for Maynor Company, which uses a perpetual inventory system:    Transaction Units...
Consider the following information for Maynor Company, which uses a perpetual inventory system:    Transaction Units Unit Cost Total Cost January 1 Beginning Inventory 20 $ 70 $ 1,400 March 28 Purchase 30 76 2,280 August 22 Purchase 40 80 3,200 October 14 Purchase 45 86 3,870 Goods Available for Sale 135 $ 10,750 The company sold 45 units on May 1 and 40 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using...
In December, a company had a beginning inventory of 5 units valued at $3.00 each. The...
In December, a company had a beginning inventory of 5 units valued at $3.00 each. The company uses FIFO as the inventory costing method. What is the ending inventory when the company had the following transactions 12/2 purchased 10 units at $4.50 each 12/5 sold 8 units for $7.00 apiece 12/10 purchased 13 units for $5.00 each 12/20 sold 15 units at $8.00 apiece 12/26 purchased 8 units for $5.30 each
The following information relates to questions 22-25: A company made the following merchandise purchases and sales...
The following information relates to questions 22-25: A company made the following merchandise purchases and sales during the month of July: Assume that there was no beginning inventory. July 4 Purchased 100 units at $20 each July 7 Sold 60 units July 15 Purchased 200 units at $22 each July 22 Purchased 300 units at $25 each July 28 Sold 400 units 22. If the company uses the FIFO, periodic inventory method, ending inventory would be:             A. $2,000            ...
Evans Company had the following information for the year ending December 31: Beginning inventory: 210 Units...
Evans Company had the following information for the year ending December 31: Beginning inventory: 210 Units $45 Unit Cost Purchase April 6: 360 Units $43 Unit Cost Sale May 4: 260 Units    Purchase July 19: 480 units $42 unit cost Sale: September 9: 380 units Purchase: October 10: 100 units $39 unit cost Evans uses the perpetual inventory system and the FIFO method. Required: Using FIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods...
Martinez Company had the following information for the year ending December 31: Additional Resources Units Unit...
Martinez Company had the following information for the year ending December 31: Additional Resources Units Unit Cost Beginning inventory 290 $45 Purchase: April 6 340 43 Sale: May 4 240 Purchase: July 19 590 40 Sale: September 9 450 Purchase: October 10 100 35 Martinez uses the perpetual inventory system and the FIFO method. Required: Using FIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year.
XYZ Bookstore had 500 units on hand at January 1, costing $9 each. Purchases and sales...
XYZ Bookstore had 500 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows: Date: Purchases: Sales: January 1   Beginning balance, 500 units @$9 each January 14 380 @ $15 each January 17 250 @ $10 each January 25 250 @ $12 each January 29 260 @ $17 each January 31 Ending balance, 360 units                                                                                           XYZ does not maintain perpetual inventory records. According to a physical count, 360 units...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 22 units @ $45 Sale 10 units @ $70 First purchase 31 units @ $46 Sale 23 units @ $72 Second purchase 26 units @ $48 Sale 22 units @ $74 The firm uses the perpetual inventory system, and there are 24 units of the item on hand at the end of the year. a. What is...
Ralwins Company had the following balances and transactions during? 2018, from January 1 to December? 31:...
Ralwins Company had the following balances and transactions during? 2018, from January 1 to December? 31: Beginning Merchandise Inventory 100 units at $84 March 10 Sold 60 units June 10 Purchased 300 units at $87 October 30 Sold 160 units What would be reported for ending Merchandise Inventory on the balance sheet at December? 31, 2018 if the perpetual inventory system and the weightedminus?average inventory costing method are? used? (Round unit costs to two decimal places and total costs to...
The Wright Company recorded the following inventory information during the month of October: UNITS UNIT COST...
The Wright Company recorded the following inventory information during the month of October: UNITS UNIT COST TOTAL COST UNITS ON HAND Balance on October 1 2,000 $1.00 $2,000 2,000 Purchased on October 8 1,200 $3.00 $3,600 3,200 Sold on October 20 1,500 1,700 Purchased on October 22 2,000 $4.00 $8,000 3,700 Sold on October 28 2,200 1,500 Purchase on October 29 1,000 $5.00 $5,000 2,500 Part B: Using the partially computed tables on the next three pages, compute the cost...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT