Question

Date Transaction Number of Units Unit Cost Apr. 1 Beginning inventory 460 $ 2.42 Apr. 20...

Date Transaction Number
of Units		 Unit
Cost
Apr. 1 Beginning inventory 460 $ 2.42
Apr. 20 Purchase 350 2.66


Dunbar sold 620 units of inventory during the month. Ending inventory assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer:

Under FIFO method the company sells the goods which are produced/ procured earlier.

Here, Number of goods sold by Dunbar are 620 units. These 620 units are sold in the order that, 460 units( begging inventory) and the rest 160 units( 620 units - 460 units) from the purchases made on 20 April.

The units that were left closing are the goods which are purchased on 20 April.

Therefore closing inventory = 350 units - 160 units

= 190 units

Value of closing inventory = 190 units * $2.66= 505.4

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
inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar....
inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar. 1 Beginning inventory 1,040 $ 7.23 Mar. 10 Purchase 560 7.73 Mar. 16 Purchase 387 8.33 Mar. 23 Purchase 520 9.03 Marvin sold 1,870 units of inventory during the month. Ending inventory assuming FIFO would be:
Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar....
Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar. 1 Beginning inventory 990 $ 7.29 Mar. 10 Purchase 520 7.79 Mar. 16 Purchase 760 8.26 Mar. 23 Purchase 580 8.66 Marvin sold 1,930 units of inventory during the month. Cost of goods sold assuming FIFO would be:
Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar....
Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar. 1 Beginning inventory 1,000 $7.19 Mar. 10 Purchase 590 7.31 Mar. 16 Purchase 870 7.46 Mar. 23 Purchase 600 7.66 Marvin sold 2,000 units of inventory during the month. Cost of goods sold assuming weighted-average cost would be
The following information pertains to Julia & Company:    March 1 Beginning inventory = 26 units...
The following information pertains to Julia & Company:    March 1 Beginning inventory = 26 units @ $5.90 March 3 Purchased 17 units @ 4.00 March 9 Sold 20 units @ 8.10    What is the ending inventory balance for Julia & Company assuming that it uses FIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) $106 $68 $103 $136
During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Number of Units Unit...
During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 19 $ 21 $ 399 Mar. 4 Purchase 24 20 480 Jun. 9 Purchase 29 19 551 Nov. 11 Purchase 29 17 493 101 $ 1,923 For the entire year, the company sells 80 units of inventory for $29 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit
The following information pertains to Company A's Year 1 inventory activities: Date Transaction Number of Units...
The following information pertains to Company A's Year 1 inventory activities: Date Transaction Number of Units Purchase price per unit Sale price per unit January 1 Beginning balance 90 $40 April 11 Sale 50 $70 May 15 Purchase 160 $65 July 25 Sale 30 $75 For each of the following independent assumptions regarding Company A's inventory cost flow methods, click on the associated designated cell and enter the applicable dollar value of inventory that would be reported in Company A's...
Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory...
Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 120 units at $26 10 Sale 90 units 15 Purchase 140 units at $28 20 Sale 110 units 24 Sale 40 units 30 Purchase 160 units at $30 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the...
Beginning inventory     3,000 units       $41 per unit Purchase #1                  4,200 units    &
Beginning inventory     3,000 units       $41 per unit Purchase #1                  4,200 units       $38 per unit Purchase #2                  3,900 units       $36 per unit Ending inventory          2,800 units a) Compute cost of goods available for sale. b)Compute Cost of Goods Sold under FIFO. c) Compute Ending Inventory under LIFO.
Date Transaction # of Units Unit Cost Total Cost 1/1 Beg Balance 150 $30 $4,500 1/24...
Date Transaction # of Units Unit Cost Total Cost 1/1 Beg Balance 150 $30 $4,500 1/24 Purchase 70 33 2,310 2/22 Sale (100) - - 3/7 Purchase 90 35 3,150 4/10 Purchase 140 36 5,040 6/11 Sale (100) - - 9/28 Purchase 50 38 1,900 12/4 Sale (100) - - What is the cost of goods sold under a FIFO periodic inventory system? $10,500 $9,610 $7,290 $6,150 What is the ending inventory under a LIFO periodic inventory system? $10,500 $9,610...
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was...
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 110 units at $105 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 222-unit purchase at $119 per unit; the second was a 260-unit purchase at $126 per unit. During the period, it sold 366 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT