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jeka57 [31]
3 years ago
15

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods

Business
2 answers:
SIZIF [17.4K]3 years ago
7 0

Answer:

LIFO ending inventory $   544.00

Weighted average:      $    565.44‬

FIFO ending invetory:  $   590.00

Explanation:

weighted-average:

1,449 / 41 = 35,34

Ending Inventory

16 x 35.34

LIFo we pick the first 16 units as the latest were sold:

8 units at $ 33  =  $ 264

8 units at $ 35  =  $ 280

Total ending inventory $ 544

FIFo we pick the last as the first one are the first being sold

15 units at 37 = 555

1 unit at 35 =       35

total ending      590

Kitty [74]3 years ago
3 0

Answer:

a) FIFO

Inventory = $590

b) LIFO

Inventory =  $544

C) WAM

Inventory = $565,46 = $565

Explanation:

a) FIFO

Inventory = $555 +$ 35 = $590

Dec purchase = $555

Aug 7 = $35

b) LIFO

Inventory = 280 +264 = $544

Jan  = $264

AUG = 8 * $35 = $280

C) WAM

Inventory

WAM = $1449/41 = $35,34 *16 = $565,46

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The Murdock Corporation reported the following balance sheet data for 2018 and 2017: 2018 2017 Cash $91,805 $30,755 Available-fo
worty [1.4K]

Answer:

net income                                                    $63,000

+ depreciation                                                $51,700

- gain on sale of equipment                          ($1,650)

change in current assets:

- increase in accounts receivables             ($13,050)

- increase in inventory                                 ($21,300)

+ decrease in prepaid insurance                     $630

change in current liabilities:

- decrease in accounts payable                ($73,630)

- decrease in salaries payable                    ($5,800)

- decrease in notes payable                      ($51,300)

<u>net cash provided by operating activities ($51,400)</u>

Explanation:

2018 2017

Available-for-sale debt securities (not cash equivalents) 22,000 98,000 INVESTING ACTIVITY

Accounts receivable 93,000 79,950 = -13,050

Inventory 178,000 156,700 = -21,300

Prepaid insurance 2,670 3,300 = 630

Land, buildings, and equipment 1,276,000 1,138,000, INVESTING ACTIVITY

Accumulated depreciation 623,000 585,000 = 38,000 + 13,700 = 51,700

Accounts payable $88,040 $161,670 = -73,630

Salaries payable 25,200 31,000 = -5,800

Notes payable (current) 36,700 88,000 = -51,300

Bonds payable 213,000 0 FINANCING ACTIVITY

2) Equipment costing $20,000 with a book value of $6,300 was sold for $7,950 = 13,700 added to accumulated depreciation, -1,650 gain on sale

3 0
3 years ago
In the Month of March, Digby received orders of 104 units at a price of $15.00 for their product Dell. Digby uses the accrual me
Ilia_Sergeevich [38]

Answer:

$1,560 and $0

Explanation:

According to the accrual method of accounting, the revenue should be recognized when it is realized or when the sale is made not when the cash is received

Since Digby delivers 104 units in April

So for the March income statement, the amount is

= 104 units × $15

= $1,560

And, for the April income statement, it would be zero as the total units order received in March only

6 0
3 years ago
Eastwood Post Pavillion received a $650 check from a customer for the balance due. The transaction was erroneously recorded as a
s344n2d4d5 [400]

Explanation:

The correct journal entry is as follows:

Cash Dr $90

Service revenue Dr $560

         To Account receivable $650

(Being the cash received is recorded)

Basically we debited the cash for $90 and service revenue for $560 and credited the account receivable for $650 so that the correct posting could be done

The cash difference is

= $650 - $560

= $90

3 0
3 years ago
What is Installment credit? <br> (In your own words, please and thank you!!! :)
QveST [7]
Installment credit is when you borrow a fixed sum of money and agree to make monthly.
5 0
2 years ago
Read 2 more answers
A chef who is responsible for preparation of salads, cold appetizers, and pâtés is called a
vampirchik [111]

Correct answer is C, Pantry Chef.

The area where salads, cold appetizers, pates, canapes, terrines, etc are made is called Pantry. And the person who is in charge of this area is called the Pantry Chef.

A pantry chef is responsible for the making of the above mentioned food in the pantry area.

3 0
3 years ago
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