Business, 27.03.2020 22:36 southerntouch103

Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 90 units from beginning inventory and 220 units from the March 5 purchase; the March 29 sale consisted of 70 units from the March 18 purchase and 110 units from the March 25 purchase. (Round your average cost per unit to 2 decimal places.)Note:Table cannot be copied

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Answer from: eminim01

Closing Units = (710 units - 490 units)= 220 units

a) FIFO : closing inventory = $14,040

Mar 18 purchase 20 *$62 =$1,240

Mar 25 purchase 200 *$64 = $12,800

b) LIFO : closing inventory = $12,780

Mar 1 opening = 90 * $52 =$4,680

Mar 18 purchase = 110 * $62 = $6,820

Mar 25 purchase = 20*$64 =1,280

c) Weighted Average Method (WAM) :

WAM= (Opening cost + purchases cost)/(opening units +units purchased)

= ($7,800+$14,250)/(150+250) = $55.125 cost before Mar 9 sale

WAM(after the first sale) = ($4,961.25 +$6,820 + $12,800)/(90+110+200)

= $61.45

Closing Inventory = $61.45*220 =$13,519

d) Specific Identification :Closing Inventory = $13,070

Mar 01 opening = 60 *$52 =$3,120

Mar 5 Purchase = 30*$57 =$1,710

Mar 18 Purchase = 40*$62 =$2,480

Mar 25 Purchase = 90*$64 =$5,760

Explanation:

The Question is incomplete. I have provided the missing part of the question below.

DateActivitiesUnits Acquired at CostUnits Sold at Retail

Mar.1 Beginning inventory 150units $52.00/unit

Mar.5 Purchase 250units $57.00/unit

Mar.9 Sales 310units $87.00/unit

Mar.18 Purchase 110units $62.00/unit

Mar.25 Purchase 200units $64.00/unit

Mar.29 Sales 180units $97.00/unit

Totals 710units 490units

Answer from: Quest

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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Answer from: Quest

2,283,000

explanation:

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Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d...

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