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Maurinko [17]
2 years ago
7

acc 340 Checkers uses the periodic inventory system. For the current month, the beginning inventory consisted of 7,200 units tha

t cost $12 each. During the month, the company made two purchases: 3,000 units at $13 each and 12,000 units at $13.50 each. Checkers also sold 12,900 units during the month. Using the LIFO method, what is the ending inventory
Business
1 answer:
LenaWriter [7]2 years ago
8 0

Answer:

$113,700

Explanation:

Last in first out (LIFO) is an inventory management method, in which the cost of the most recent product bought are the first to be charged to expenses.

With regards to the above question, we'll have;

Inventory sold = (12,000 × $13.5) + (900 × $13) = $173,700

Ending inventory = [7,200 × $12] + [(3,000 - 900) × $13]

Ending inventory = $86,400 + $27,300

Ending inventory = $113,700

Therefore, the ending inventory using LIFO is $113,700

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1. The calculation of the predetermined overhead rate applied to jobs during August is <u>75% of direct labor costs</u> ($90,000/$120,000).

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<h3>Data and Calculations:</h3>

Work In Process Balance, August 1 $ 41,000

Direct materials used       75,000

Direct labor 120,000

Manufacturing overhead applied (based on direct labor cost) 90,000

Total costs incurred = $326,000

<h3>Finished Jobs during August: </h3>

Job #    Cost of Jobs Completed

234               $ 58,000

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<h3>Job in Process: Job 248:</h3>

Direct labor cost incurred = $24,000

Applied overhead = $18,000 ($24,000 x 0.75)

Direct materials = $19,000 ($61,000 - $24,000 - $18,000)

Thus, the work-in-process balance represents Job 248 (Direct labor $24,000, Direct materials $19,000, and Applied Overhead $18,000).

Learn more about job costing at brainly.com/question/24516871

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waller company does business in two regional segments: north and south. the following annual revenue information was determined
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