8. Under the moving average method, what amount should FFF report as inventory on January 31?9. Based on preceding data, under the FIFO method, what amount should FFF report as inventory on January 31?10. Using the relative sales value method, what amount of cost should be allocated to Class A lots? During January of the current year, FFF Company which maintains a perpetual inventorysystem, recorded the following information pertaining to its inventory:UnitsUnit CostTotal CostUnits on Hand10,0006,0009,0004,000Balance on 1/11001,000,0001,800,00010,00016,0007,00011,000Purchased on 1/7300Sold on 1/20Purchased 1/255002,000,000

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Description: 8. Under the moving average method, what amount should FFF report as inventory on January 31?9. Based on preceding data, under the FIFO method, what amount should FFF report as inventory on January 31?10. Using the relative sales value method, what a

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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...

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8. Under the moving average method, what amount should FFF report as inventory on January 31?

9. Based on preceding data, under the FIFO method, what amount should FFF report as inventory on January 31?

10. Using the relative sales value method, what amount of cost should be allocated to Class A lots?

During January of the current year, FFF Company which maintains a perpetual inventory
system, recorded the following information pertaining to its inventory:
Units
Unit Cost
Total Cost
Units on Hand
10,000
6,000
9,000
4,000
Balance on 1/1
100
1,000,000
1,800,000
10,000
16,000
7,000
11,000
Purchased on 1/7
300
Sold on 1/20
Purchased 1/25
500
2,000,000

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