Kimberly Young Company was formed on December 1, 2019. The following information is available from Young's inventory recordsfor Product BAP.January 1, 2020 (beginning inventory)Purchases:January 5, 2020January 25, 2020February 16, 2020March 26, 2020Units1,6803,3603,6402,2401,680Unit Cost$89101112A physical inventory on March 31, 2020, shows 4,480 units on hand.Prepare schedule to compute the ending inventory at March 31, 2020, under FIFO inventory method.KIMBERLY YOUNG COMPANYCOMPUTATION OF INVENTORY FOR PRODUCTBAP UNDER FIFO INVENTORY METHODMarch 31, 2020Units$Unit Cost$$Total Cost Prepare schedule to compute the ending inventory at March 31, 2020, under LIFO inventory method.eTextbook and MediaVWeighted average-cost per uniteTextbook and MediaCalculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)KIMBERLY YOUNG COMPANYCOMPUTATION OF INVENTORY FOR PRODUCTBAP UNDER LIFO INVENTORY METHODMarch 31, 2020$Ending Inventory at March 31, 2020Units$$Weighted-AverageUnit Cost$Compute the ending inventory at March 31, 2020, under Weighted-average inventory method. (Round answer to O decimalplaces, e.g. 2,760.)$Total Cost

Name: Kimberly Young Company was formed on December 1, 2019. The following
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Description: Kimberly Young Company was formed on December 1, 2019. The following information is available from Young's inventory recordsfor Product BAP.January 1, 2020 (beginning inventory)Purchases:January 5, 2020January 25, 2020February 16, 2020March 26, 2020

Under periodic inventory system the cost of goods sold and inventory are not updated simultaneously.…

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Kimberly Young Company was formed on December 1, 2019. The following information is available from Young's inventory re or Product BAP. January 1, 2020 (beginning inventory) Purchases: January 5, 2020 January 25, 2020 February 16, 2020 March 26, 2020 Units 1,680 3,360 3,640 2,240 1,680 Unit Cost $8 9 10 11 12 A physical inventory on March 31, 2020, shows 4,480 units on hand.

Kimberly Young Company was formed on December 1, 2019. The following information is available from Young's inventory re or Product BAP. January 1, 2020 (beginning inventory) Purchases: January 5, 2020 January 25, 2020 February 16, 2020 March 26, 2020 Units 1,680 3,360 3,640 2,240 1,680 Unit Cost $8 9 10 11 12 A physical inventory on March 31, 2020, shows 4,480 units on hand.

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

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 8MC: At December 31, 2019, the following information was available from Crisford Companys books: Sales...

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Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. 2. Determine the cost of the inventory on December 31 by the last-in, first-out method, following the procedures indicated in (1). 3. Determine the cost of the inventory on December 31 by the weighted average cost method, using the columnar headings indicated in (1). 4. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
Inventory Costing and LCM Ortman Enterprises sells a chemical used in various manufacturing processes. On January 1, 2019, Ortman had 5,000,000 gallons on hand, for which it had paid $0.50 per gallon. During 2019, Ortman made the following purchases: During 2019, Ortman sold 65 000,000 gallons at $0.75 per gallon (35,000,000 gallons were sold on June 29 and 30,000,000 gallons were sold on Nov. 22), leaving an ending inventory of 7,000,000 gallons. Assume that Ortman uses a perpetual inventory system. Ortman uses the lower of cost or market for its inventories, as required by generally accepted accounting principles. Required: 1. Assume that the market value of the chemical is $0.76 per gallon on December 31, 2019. Compute the cost of ending inventory using the FIFO and average cost methods, and then apply LCM. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 2. Assume that the market value of the chemical is $0.58 per gallon on December 31, 2019. Compute the cost of ending inventory using the FIFO and average cost methods, and then apply LCM. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)
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