Question

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)

Homework Answers

Answer #1
Jan 1 Inventory 11 units at $   122.00 $          1,342
April 15 Purchase 132 units at $   114.00 $        15,048
September 9 Purchase 23 units at $ 119.00 $          2,737
Total 166 $        19,127
Average cost = 19127/166 = 115.2229
Ending inventory cost = 44*115.2229 = $          5,070
COGS = 122*115.2229 = $        14,057
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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...
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...
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 1,070 units @ $132 Feb. 17   Purchase 1,410 units @ $134 Jul. 21   Purchase 1,610 units @ $136 Nov. 23   Purchase 1,135 units @ $137 There are 1,210 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value....
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 1,005 units @ $126 Feb. 17   Purchase 1,425 units @ $127 Jul. 21   Purchase 1,555 units @ $130 Nov. 23   Purchase 1,130 units @ $132 There are 1,205 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value....
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...
The units of an item available for sale during the year were as follows: Jan. 1...
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 17 units at $27 $459 July 7 Purchase 13 units at $30 390 Nov. 23 Purchase 15 units at $31 465 45 units $1,314 There are 27 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c)...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units @ $102 Mar. 10 Purchase 50 units @ $114 Aug. 30 Purchase 30 units @ $122 Dec. 12 Purchase 70 units @ $128 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise...
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 1,075 units @ $130 Feb. 17   Purchase 1,425 units @ $131 Jul. 21   Purchase 1,570 units @ $133 Nov. 23   Purchase 1,125 units @ $134 There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value....
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units @ $106 Mar. 10 Purchase 70 units @ $114 Aug. 30 Purchase 30 units @ $118 Dec. 12 Purchase 60 units @ $122 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT