There are 20 units of inventory on hand on December 31. For the weighted-average method, round calculations to two decimal places. 1f required, round your final answers to the nearest cent. 1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods: a. FIFO 800 v b. Weighted-average 2. Assume that the market price per unit (cost to repiace) of Bouie's inventory on December 31, 20--, was $39. Calculate the total amount to be assigned to the ending Inventory on December 31 under each of the following methods: a. FIFO lower-of-cost-or-market 780 b. Weighted-average lower-of-cost-or-market 600 X Feebeck Check My Wuk FIFO assumes that the oidest units have been sold and the newest or freshest units are in the ending inventory. Weighted average s delermined by dividing the totai cost of units avalabie for sale by the total number of units avalable for sale Calouate ending inventory at market and determinc which amount shoula be shown on the company's balance sheet 3. What journal entry would be made under lower-of-cost-or-market for parts 2(a) FIFO and 2(b) Weighted-average? tf no entry is required, select "No Entry Required".

There are 20 units of inventory on hand on December 31. For the weighted-average method, round calculations to two decimal places. 1f required, round your final answers to the nearest cent. 1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods: a. FIFO 800 v b. Weighted-average 2. Assume that the market price per unit (cost to repiace) of Bouie's inventory on December 31, 20--, was $39. Calculate the total amount to be assigned to the ending Inventory on December 31 under each of the following methods: a. FIFO lower-of-cost-or-market 780 b. Weighted-average lower-of-cost-or-market 600 X Feebeck Check My Wuk FIFO assumes that the oidest units have been sold and the newest or freshest units are in the ending inventory. Weighted average s delermined by dividing the totai cost of units avalabie for sale by the total number of units avalable for sale Calouate ending inventory at market and determinc which amount shoula be shown on the company's balance sheet 3. What journal entry would be made under lower-of-cost-or-market for parts 2(a) FIFO and 2(b) Weighted-average? tf no entry is required, select "No Entry Required".

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter6: Aging Accounts Receivable (aging)

Section: Chapter Questions

Problem 2R

See similar textbooks