Problem 8-5 Received Date No. of Units Unit Cost Issued, No. of Units Balance, N
ID: 2603840 • Letter: P
Question
Problem 8-5
Received
Date
No. of Units
Unit Cost
Issued,
No. of Units
Balance,
No. of Units
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(1)
FIFO.
( 2)
LIFO
(3)
Average-cost
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(1)
FIFO
(2)
LIFO
(3)
Average-cost
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SAVE FOR LATER
SUBMIT ANSWER
Problem 8-5
Some of the information found on a detail inventory card for Culver Inc. for the first month of operations is as follows.ANSWER 1, 2 AND 3
Received
Date
No. of Units
Unit Cost
Issued,
No. of Units
Balance,
No. of Units
Average-cost per unit $
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Your answer is incorrect. Try again. From these data compute the ending inventory on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to 0 decimal places, e.g. 6,548.)2.
(1)
FIFO.
( 2)
LIFO
(3)
Average-cost
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Your answer is partially correct. Try again. If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amounts shown as ending inventory in (1), (2), and (3) above be the same? What amount would be shown as ending inventory? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.)3.
(1)
FIFO
(2)
LIFO
(3)
Average-cost
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Question Attempts: 1 of 3 usedSAVE FOR LATER
SUBMIT ANSWER
Explanation / Answer
1. Average cost per unit
A. 2 January = $ 5.10
B 7 January =. $ 5.10
C 10 January =. 1000×$5.44 + 500×$5.10. $ 5.33
1500
D 13 January = $ 5.33
E 18 January= (1400×$5.61+600×$5.33)-700×$5.33 $5.53
1300
F 20 January =. $ 5.53
G 23 January= 1700×$5.78+200×$5.53. $5.75
H 26 January $ 5.75
I 28 January = 2000×$5.95+700×$5.75 $5.90
. 2700
K 31 January = $5.90
2 calculation of closing inventory.
a) FIFO BASIS = 1000 UNITS WILL BE PURCHASE ON 28 JANUARY
b) LIFO BASIS= 1000 UNITS WILL BE PURCHASE ON 200 unit 2 January , 500 unit 23 January ,300 unit 28 January.
C) average cost basis= 1000 units will be purchase on 28 January
3 calculation of cost of inventory
1) FIFO BASIS= 1000×$5.95 $5950
2) LIFO BASIS= 200×$5.10+500×$5.78+300×5.95 $5895
3) Average cost basis = 1000× $5.90. $ 5900