Miller Corporation uses a periodic inventory system and has the following inventory information available for the year. Units Unit Cost 100 S 500 $ 100 S 300 $ Jan 1 Beginning inventory Jan 20 Purchase Jul 25 Purchase Nov 20 Purchase 4.00 5.00 6.00 7.00 400 2,500 600 2,100 $ 5,600 An inventory count on December 31st revealed that there were 350 units on hand 1,000 Total Cost $
Miller Corporation uses a periodic inventory system and has the following inventory information available for the year. Units Unit Cost 100 S 500 $ 100 S 300 $ Jan 1 Beginning inventory Jan 20 Purchase Jul 25 Purchase Nov 20 Purchase 4.00 5.00 6.00 7.00 400 2,500 600 2,100 $ 5,600 An inventory count on December 31st revealed that there were 350 units on hand 1,000 Total Cost $
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 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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Miller Corporation uses a periodic inventory system and has the following inventory information
available for the year.
Jan 1
Jan 20
Jul 25
Nov 20
a)
Units Unit Cost
Beginning inventory 100 S
Purchase.
500 $
100 $
300 $
Purchase
Purchase
Total
Cost
1,000
4.00 $
5.00
6.00
7.00
2,100
$
5,600
An inventory count on December 31st revealed that there were 350 units on hand
Required: (answer each question independently and show your work)
Assume the company uses FIFO for inventory measurement
1) What is the value of the ending inventory at December 31st?
1) What is the COGS for the year?
400
2,500
600
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