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Kobotan [32]
3 years ago
10

Rutgers Industries has the following inventory information for 2019: Jan 1 Beginning Inventory 240 units at $100 per unit June 1

3 Purchases 340 units at $150 per unit Dec 14 Purchases 370 units at $200 per unit Rutgers sold 500 units during 2019 and had 450 units remaining at December 31, 2019. Assuming that a periodic inventory system is used, what is the value of ending inventory at December 31, 2019 on a FIFO basis
Business
1 answer:
timofeeve [1]3 years ago
4 0

Answer:

$86,000

Explanation:

FIFO means first in, first out. It means that the first purchased inventory is the first to be sold.

This means thay the 500 units sold would be taken from the earliest purchased inventory and the ending inventory would be the most recently purchased inventories.

Ending inventory = (80 × $150) + (370 × $200) = $12,000 + $74,000 = $86,000

I hope my answer helps you

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On June 15, Harper purchased equipment for $100,000 from Imperial Corp. and signed for the goods as President of the company. He
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<u>Full question:</u>

On June 15, Harper purchased equipment for $100,000 from Imperial Corp. for use in its manufacturing process. Harper paid for the equipment with funds borrowed from Eastern Bank. Harper gave Eastern a security agreement and financing statement covering Harper’s existing and after-acquired equipment. On June 21, Harper was petitioned involuntarily into bankruptcy under Chapter 7 of the Federal Bankruptcy Code. A bankruptcy trustee was appointed. On June 23, Eastern filed the financing statement. Which of the parties will have a superior security interest in the equipment?

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<u>Answer:</u>

Eastern parties will have a superior security interest in the equipment because it perfected its security interest within the permissible time limits.

<u>Explanation:</u>

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Below the Uniform Commercial Code (U.C.C.), to perfect a security interest, a lender has 10 days from the date of the sale of material to perfect the security interest by filing a financing statement.  Possessing registered in the 10-day limit, Eastern has a strong perfected security interest in the material and after-acquired things even though the bankruptcy was recorded two days ahead.

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