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Swifty Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a cost of $24 per unit. None of this inventory was sold in 2016. Relevant information is is follows. Ending inventory units December 31, 2016 175 December 31, 2017, by purchase date December 2, 2017 175 July 20, 2017 50 225 During the year 2017, the following purchases and sales were made. Purchases Sales 375 units at $28 March 15 April 10 275 luly 20 375 units at 30 August 20 375 September 4 275 units at 33 November 18 225 December 2 175 units at 35 December 12 275 he company uses the periodic inventory method. Calculate average-cost per unit. (Round answer to 2 decimal places, e.e. 2.76.) Average-cost Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost. (Round answers to 0 decimal places, e.g. 2,760.) Specific Identification FIFO LIFO Average-Cost Ending Inventory Calculate price index. (Round answer to 4 decimal places, e.g. 2.7653.) Price Index Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2017, purchase cost is the current cost of inventory. (Hint: The beginning inventory is the base layer priced at $24 per unit.) (Round answer to 0 decimal laces, e.g. 2,760.) inding inventory at dollar-value LIFO

Swifty Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a cost of $24 per unit. None of this inventory was sold in 2016. Relevant information is is follows. Ending inventory units December 31, 2016 175 December 31, 2017, by purchase date December 2, 2017 175 July 20, 2017 50 225 During the year 2017, the following purchases and sales were made. Purchases Sales 375 units at $28 March 15 April 10 275 luly 20 375 units at 30 August 20 375 September 4 275 units at 33 November 18 225 December 2 175 units at 35 December 12 275 he company uses the periodic inventory method. Calculate average-cost per unit. (Round answer to 2 decimal places, e.e. 2.76.) Average-cost Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost. (Round answers to 0 decimal places, e.g. 2,760.) Specific Identification FIFO LIFO Average-Cost Ending Inventory Calculate price index. (Round answer to 4 decimal places, e.g. 2.7653.) Price Index Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2017, purchase cost is the current cost of inventory. (Hint: The beginning inventory is the base layer priced at $24 per unit.) (Round answer to 0 decimal laces, e.g. 2,760.) inding inventory at dollar-value LIFO

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
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Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost

 

Swifty Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a cost of $24 per unit. None of this inventory was sold in 2016. Relevant information is as follows. Ending inventory units December 31, 2016 175 December 31, 2017, by purchase date December 2, 2017 175 July 20, 2017 50 225 During the year 2017, the following purchases and sales were made. Purchases Sales March 15 375 units at $28 April 10 275 July 20 375 units at 30 August 20 375 September 4 275 units at 33 November 18 225 December 2 175 units at 35 December 12 275 The company uses the periodic inventory method. Calculate average-cost per unit. (Round answer to 2 decimal places, e.e. 2.76.) Average-cost $ Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost. (Round answers to 0 decimal places, e.g. 2,760.) Specific Identification FIFO LIFO Average-Cost Ending Inventory $1 $ Calculate price index. (Round answer to 4 decimal places, e.g. 2.7653.) Price Index Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2017, purchase cost is the current cost of inventory. (Hint: The beginning inventory is the base layer priced at $24 per unit.) (Round answer to 0 decimal places, e.g. 2,760.) Ending inventory at dollar-value LIFO
Transcribed Image Text:Swifty Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a cost of $24 per unit. None of this inventory was sold in 2016. Relevant information is as follows. Ending inventory units December 31, 2016 175 December 31, 2017, by purchase date December 2, 2017 175 July 20, 2017 50 225 During the year 2017, the following purchases and sales were made. Purchases Sales March 15 375 units at $28 April 10 275 July 20 375 units at 30 August 20 375 September 4 275 units at 33 November 18 225 December 2 175 units at 35 December 12 275 The company uses the periodic inventory method. Calculate average-cost per unit. (Round answer to 2 decimal places, e.e. 2.76.) Average-cost $ Determine ending inventory under (1) specific identification, (2) FIFO, (3) LIFO, and (4) average-cost. (Round answers to 0 decimal places, e.g. 2,760.) Specific Identification FIFO LIFO Average-Cost Ending Inventory $1 $ Calculate price index. (Round answer to 4 decimal places, e.g. 2.7653.) Price Index Determine ending inventory using dollar-value LIFO. Assume that the December 2, 2017, purchase cost is the current cost of inventory. (Hint: The beginning inventory is the base layer priced at $24 per unit.) (Round answer to 0 decimal places, e.g. 2,760.) Ending inventory at dollar-value LIFO
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