am.111. Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown.January 1, 20-- Beginning inventoryMarch 5April 16June 3August 18September 13November 14December 31st purchase2nd purchasea. FIFO3rd purchase4th purchase.5th purchase6th purchase7th purchaseUnits Unit Price Total Cost1,090 $ 8.20$8,9389009.208,2803809.703,686680 10.407,072590 11.106,54980012.109,68042014.205,96450014.257,1255,360$ 57,294There are 1,000 units of inventory on hand on December 31.Required:1. Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:Cost of GoodsSoldCost of EndingInventoryb. LIFOc. Weighted-average (round calculations totwo decimal places)XXX

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Description: am.111. Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown.January 1, 20-- Beginning inventoryMarch 5April 16June 3August 18September 13November 14December 31st purchase2nd purchasea. FIF

The inventory can be valued using various methods as FIFO, LIFO and average method. Using FIFO, the…

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Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown. January 1, 20- Beginning inventory 1,090 $ 8.20 March 5 900 9.20 380 9.70 680 10.40 590 11.10 800 12.10 420 14.20 500 14.25 5,360 April 16 June 3 August 18 September 13 November 14 December 3 1st purchase 2nd purchase 3rd purchase Units Unit Price Total Cost 4th purchase 5th purchase 6th purchase 7th purchase $ 8,938 8,280 3,686 7,072 6,549 9,680 5,964 7,125 $ 57,294 There are 1,000 units of inventory on hand on December 31. Required: 1. Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods: Cost of Goods Sold Cost of Ending Inventory a. FIFO b. LIFO c. Weighted-average (round calculations to two decimal places) X X X X

Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown. January 1, 20- Beginning inventory 1,090 $ 8.20 March 5 900 9.20 380 9.70 680 10.40 590 11.10 800 12.10 420 14.20 500 14.25 5,360 April 16 June 3 August 18 September 13 November 14 December 3 1st purchase 2nd purchase 3rd purchase Units Unit Price Total Cost 4th purchase 5th purchase 6th purchase 7th purchase $ 8,938 8,280 3,686 7,072 6,549 9,680 5,964 7,125 $ 57,294 There are 1,000 units of inventory on hand on December 31. Required: 1. Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods: Cost of Goods Sold Cost of Ending Inventory a. FIFO b. LIFO c. Weighted-average (round calculations to two decimal places) X X X X

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...

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