Question

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

$1,323

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
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 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 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...
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...
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...
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 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...
Copy of Copy of The units of an item available for sale during the year were...
Copy of Copy of The units of an item available for sale during the year were as follows: Jan 1 Inventory 11 units at 122 April 15 Purchase 132 units at 114 September 9 Purchase 23 units at 119 There are 44 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the average cost method. (Round to nearest whole dollar)
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