Question

In its first month of operations, Swifty Company made three purchases of merchandise in the following sequence: (1) 310 units at $7, (2) 470 units at $8, and (3) 230 units at $9. Assuming there are 360 units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Swifty uses a periodic inventory system.

Answer #1

*Ending inventory
under FIFO Method*

FIFO Method | Units | Rate | Amount |

Balance from 2 sequence | 130 | $ 8 | $ 1,040 |

Balance from 3 sequence | 230 | $ 9 | $ 2,070 |

Ending inventory | 360 | $ 3,110 |

*Ending inventory
under LIFO Method*

LIFO Method | Units | Rate | Amount |

Balance from 2 sequence | 50 | $ 8 | $ 400 |

Balance from 1 sequence | 310 | $ 7 | $ 2,170 |

Ending inventory | 360 | $ 2,570 |

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Assuming there are 360 units on hand, compute the cost of the
ending inventory under the FIFO method and LIFO method. Concord
uses a periodic inventory system.
Cost of the ending inventory: FIFO $

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at $6, (2) 510 units at $7, and (3) 100 units at $8.
Assuming there are 360 units on hand, compute the cost of the
ending inventory under the FIFO method and LIFO method. Bethke uses
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FIFO
LIFO
Cost of the ending inventory
$
$

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at $7, and (3) 200 units at $8.
Assuming there are 360 units on hand, compute the cost of the
ending inventory under the
(a) FIFO method and (b) LIFO method. Bethke uses a periodic
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(1) 240 units at $ 4, (2) 340 units at $ 6,
and (3) 440 units at $ 7. Assuming there
are 140 units on hand at the end of the period, compute
the cost of the ending inventory under (a) the FIFO method and (b)
the LIFO method. Bramble Corp. uses a periodic inventory
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purchases of merchandise in the following sequence: (1) 306 units
at NT$171, (2) 418 units at NT$181, and (3) 217 units at NT$200.
Oriole uses a periodic inventory system.
A) Assuming there are 467 units on hand, compute the cost of the
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B) Assuming there are 467 units on hand, compute the cost of the
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BE6-2
In its first month of operations, McLanie Company made three
purchases of merchandise in the following sequence: (1) 300 units
at $6, (2) 400 units at $8, and (3) 500 units at $9. Assuming there
are 200 units on hand at the end of the period, compute the cost of
the ending inventory under (a) the FIFO method and (b) the LIFO
method. McLanie uses a periodic inventory system.
Compute the ending inventory using average‐cost.
(LO 2), AP
BE6-3...

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purchases of merchandise in the following sequence: (1) 260 units
at $8, (2) 360 units at $10, and (3) 460 units at $11. Assuming
there are 160 units on hand at the end of the period.
Compute the cost of the ending inventory under the average-cost
method. (Round answer to 0 decimal places, e.g.
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purchases of merchandise in the following sequence: (1) 155 units
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New attempt is in progress. Some of the new entries may impact
the last attempt grading.Your answer is incorrect.
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Weighted-average unit cost
$enter the Average unit cost in dollars rounded to 2 decimal
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the following for the month of May, in which 71 units were
sold.
Units
Unit Cost
Total Cost
May 1
Inventory
33
$12
$396
15
Purchases
28
15
420
24
Purchases
32
16
512
Totals
93
$1,328
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FIFO
LIFO
Ending inventory at May 31
$
$
Cost of goods sold
$
$

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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,
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A. $2,000
...

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