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inventory valuartion

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solution


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Inventory Problems;A. The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account;June 1;Balance;25 units at $60;6;Sale;20 units;8;Purchase;20 units at $61;16;Sale;10 units;20;Purchase;20 units at $62;23;Sale;25 units;30;Purchase;15 units at $63;1. Calculate the Cost of Merchandise Sold and Ending Inventory using FIFO;2. Calculate the Cost of Merchandise Sold and Ending Inventory using LIFO;3. Calculate the Cost of Merchandise Sold and Ending Inventory using Weighted Average Method;B. Brutus Corporation, a newly formed corporation, has the following transactions during May, 2011, it?s first month of operation.;May 1;Purchased 500 units @ $25.00 each;May 4;Purchased 300 units @ $24.00 each;May 8;Purchased 700 units @ $23.00 each;May 20;Purchased 250 units @ $25.25 each;May 28;Purchased 550 units @ $26.00 each;Total Units sold= 1,525.;Calculate cost of merchandise sold, and ending inventory using each of the following inventory methods;4. FIFO Periodic;5. LIFO Periodic

 

Paper#81740 | Written in 18-Jul-2015

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