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aleksklad [387]
3 years ago
11

A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 350

units. 150 units remain in ending inventory at January 31. Units Unit CostBeginning inventory on January 1 320 $ 3.00 Purchase on January 9 80 3.20 Purchase on January 25 100 3.34 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. (Round your per unit costs to 2 decimal places.)A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 350 units. 150 units remain in ending inventory at January 31. Units Unit CostBeginning inventory on January 1 320 $ 3.00 Purchase on January 9 80 3.20 Purchase on January 25 100 3.34 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. (Round your per unit costs to 2 decimal places.)
Business
1 answer:
nydimaria [60]3 years ago
8 0

Answer:

The costs assigned to ending inventory based on the LIFO method under periodic inventory system are:

= $450.

Explanation:

a) Data and Calculations:

On January 26, the company sells 350 units. 150 units remain in ending inventory at January 31.

                                                           Units           Unit Cost    Total Cost

Beginning inventory on January 1      320              $ 3.00          $960

Purchase on January 9                         80                 3.20             256

Purchase on January 25                     100                 3.34              334

Tota units available for sale               500                                 $1,550

Sales on January 26                          350                                  $1,100

Ending inventory at January 31          150               $3.00          $450

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5 years ago, Barton Industries issued 25-year noncallable, semiannual bonds with a $1,000 face value and a 9% coupon, semiannual
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6 0
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Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricat
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Answer:

Cost per equivalent unit Materials =  $ 2.82

Cost per equivalent unit Conversion =  $2.65

Explanation:

Richards Corporation

1) We first calculate the fifo equivalent units .

FIFO Equivalent units can be calculated by the following.

Particulars          Units        % of Completion             Equivalent Units

                                              Mat. Con. Costs       Materials C. Costs

Transferred out, 366,000        100       100             366,000   366,000

Ending inventory, 39,000         30         15              11700         5850

Total Weighted Equivalent Units                           377,700     371,850

Less

<u> Beginning Inventory: 98,000, 80%  20%             78,400        18000</u>

<u>FIFO Equivalent Units                                          299,300       353,850 </u>  

2) We calculate the total costs

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Costs in beginning Work in Process -$55,200       $97,700

<u>Costs incurred in October -                 $844,050      $937,300. </u>

Total Cost                                           $ 899250         1035,000  

<u />

<u>3) In FIFO The cost per unit is  based only on the current costs and current period unit productions.</u>

Materials = $844050/299300= $2.82

Conversion = 937,300  / 353,850   = 2.6488= $2.65

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