Herbur Company uses a periodic inventory system. The company's records show the beginning EXERCISE 8.10 inventory of product no. T12 on January I and the purchases of this item during the cuirent year Costing Inventory in a to be as follows: Periodic System LO 4 1 Beginning inventory. Purchase. .. Jan. 900 units .$10.00 S 9,000 Feb. 23 1,200 units O $11.00- 13,200 Apr. 20 Purchase 3,000 units $11.20 33,600 ... May 4 Purchase 4,000 units $11.60 900 units S13.00 46,400 .... Nov. 30 Purchase... 11,700 .. Totals 10,000 units $113,900 ... A physical count indicates 1,600 units in inventory at year-end. Determine the cost of the cnding inventory, based on each of the following methods of inven- tory valuation. (Remember to use periodic inventory costing procedures.) 2. Average cost b. FIFO C LIFO
Herbur Company uses a periodic inventory system. The company's records show the beginning EXERCISE 8.10 inventory of product no. T12 on January I and the purchases of this item during the cuirent year Costing Inventory in a to be as follows: Periodic System LO 4 1 Beginning inventory. Purchase. .. Jan. 900 units .$10.00 S 9,000 Feb. 23 1,200 units O $11.00- 13,200 Apr. 20 Purchase 3,000 units $11.20 33,600 ... May 4 Purchase 4,000 units $11.60 900 units S13.00 46,400 .... Nov. 30 Purchase... 11,700 .. Totals 10,000 units $113,900 ... A physical count indicates 1,600 units in inventory at year-end. Determine the cost of the cnding inventory, based on each of the following methods of inven- tory valuation. (Remember to use periodic inventory costing procedures.) 2. Average cost b. FIFO C LIFO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Ex 5.7
Ex 5.8
Ex 8.10
Transcribed Image Text:Herbur Company uses a periodic inventory system. The company's records show the beginning EXERCISE 8.10
inventory of product no. T12 on January I and the purchases of this item during the cuirent year Costing Inventory in a
to be as follows:
Periodic System
LO 4
1 Beginning inventory.
Purchase. ..
Jan.
900 units .$10.00 S 9,000
Feb. 23
1,200 units O $11.00-
13,200
Apr. 20
Purchase
3,000 units $11.20
33,600
...
May
4 Purchase
4,000 units $11.60
900 units S13.00
46,400
....
Nov. 30
Purchase...
11,700
..
Totals
10,000 units
$113,900
...
A physical count indicates 1,600 units in inventory at year-end.
Determine the cost of the cnding inventory, based on each of the following methods of inven-
tory valuation. (Remember to use periodic inventory costing procedures.)
2. Average cost
b. FIFO
C LIFO
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