DateActivitiesUnits Acquired at Cost10 units @ $25 = $25015 units @ $28 = $420Units SoldAugust 2August 18August 29August 31PurchasePurchaseSales20 unitPurchase14 units @ $29 = $406What is the per unit value of ending inventory on August 31? Answers should berounded to the nearest cent.Multiple Choice$28.42$26.80$29.00$25.00O $30.35

Name: DateActivitiesUnits Acquired at Cost10 units @ $25 = $25015 units @ $
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Description: DateActivitiesUnits Acquired at Cost10 units @ $25 = $25015 units @ $28 = $420Units SoldAugust 2August 18August 29August 31PurchasePurchaseSales20 unitPurchase14 units @ $29 = $406What is the per unit value of ending inventory on August 31? Answers

Formulas that are used:- Note:- I have used the weighted average method to calculate the per-unit…

Business

Accounting

Date Activities Purchase Purchase Sales Units Acquired at Cost 10 units @ $25 = $250 15 units @ $28 = $420 Units Sold August 2 August 18 August 29 August 31 20 unit Purchase 14 units @ $29 = $406 What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent.

Date Activities Purchase Purchase Sales Units Acquired at Cost 10 units @ $25 = $250 15 units @ $28 = $420 Units Sold August 2 August 18 August 29 August 31 20 unit Purchase 14 units @ $29 = $406 What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 16E: Dollar-Value LIFO A company adopted the LIFO method when its inventory was 1,800. One year later its...

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Ma3 The Foxworthy Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 40,000 units consisted of the following, listed in chronological order of acquisition: 24,000 units at a cost of $6.00 per unit = $144,000 16,000 units at a cost of $7.00 per unit = 112,000 During 2018, inventory quantity declined by 18,000 units. All units purchased during 2018 cost $8.00 per unit. -Calculate the before-tax LIFO liquidation profit or loss that the company would report in a disclosure note assuming the amount determined is material.
At 12/31/20, the end of Lincoln Company's first year of business, inventory was $6,100 and $5,100 at cost and at market, respectively. Following is data relative to the 12/31/21 inventory of Lincoln: Original Net Net Realizable Appropriate Cost Replacement Realizable Value Less Inventory Item Per Unit Cost Value Normal Profit Value A $ .65 $ .45 B .45 .40 C .70 .75 D .75 .65 E .90 .85 Selling price is $1.00/unit for all items. Disposal costs amount to 10% of selling price and a "normal" profit is 30% of selling price. There are 1,500 units of each…
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# of Units Unit Cost ($) Total Cost ($) 1/1 Beg. Inventory 100 2 200 1/20 Purchase 300 4 1,200 7/25 Purchase 50 3 150 10/20 Purchase 250 5 1,250 Available for sale 700 units $2,800 Sales for the year were 550 units for $5,000 in total. Required: Answer 1. (a) through (i) and 2. (1) through (3). 1. Base on the above information, calculate (round to the nearest cent): The cost of the ending inventory for the following methods: FIFO (a) LIFO (b) Weighted Average (c) The cost of merchandise sold for the following methods: FIFO (d) LIFO (e) Weighted Average (f)
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Units Cost Beginning inventory 50 $10 Purchase (June 5) 10 16 Purchase (June 15) 30 14 Sale (June 20) 40 Sale (June 25) 20 Purchase (June 30) 10 20 26. Refer to Exhibit 7-4. Assuming RJ uses a perpetual moving average cost flow assumption, cost of goods sold for June would be a. $512 b. $560 c. $768 d. $720 27. Refer to Exhibit 7-4. Assuming RJ, Inc. uses a periodic weighted average cost flow assumption, ending inventory for June would be a. $512 b. $560 c. $768 d. $720
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