Question

The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Quebec, Inc. for an operating period. Units Unit Cost Total Cost Units Sold Beginning Inventory 32 $54 $1,728 Sale No. 1 10 Purchase No. 1 28 60 1,680 Sale No. 2 32 Purchase No. 2 20 57 1,140 Totals 80 $4,548 42 Assuming Quebec, Inc. uses FIFO periodic inventory procedures, the ending inventory cost is:

Answer 1

Answer:

Quebec, Inc.

Assuming Quebec, Inc. uses FIFO periodic inventory procedures, the ending inventory cost is:

= $2,220.

Explanation:

a) Data and Calculations:

                                  Units   Unit Cost   Total Cost    Units Sold

Beginning Inventory   32         $54            $1,728

Sale No. 1                                                                              10

Purchase No. 1           28           60               1,680

Sale No. 2                                                                            32

Purchase No. 2          20          57                 1,140

Totals                         80                            $4,548             42

Ending Inventory using FIFO periodic inventory system:

Units of ending inventory = 38 (80 - 42)

Units are from:       Units   Unit Cost   Total Cost

Purchase No. 1           18           60       $1,080

Purchase No. 2          20          57          1,140

Ending Inventory       38                    $2,220