Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Jul 2017 My Price 10.00

Stewart Co

Stewart Co.’s beginning inventory and purchases during the year ended December 31, 2008, were as follows:

 

 

Unit

Total

 

Units

Cost

Cost

January 1

Inventory

1,000

$50.00

$ 50,000

March 10

Purchase

1,200

52.50

63,000

June 25

Sold 800 units

 

 

 

August 30

Purchase

800

55.00

44,000

October 5

Sold 1,500 units

 

 

 

November 26

Purchase

2,000

56.00

112,000

December 31

Sold 1,000 units

 

 

 

Total

 

5,000

 

$269,000
           

Instructions

1. Determine the cost of inventory on December 31, 2008, using the perpetual inventory system and each of the following inventory costing methods:

a. first-in, first-out

b. last-in, first-out

2. Determine the cost of inventory on December 31, 2008, using the periodic inventory system and each of the following inventory costing methods:

a. first-in, first-out

b. last-in, first-out

c. average cost

3. Assume that during the fiscal year ended December 31, 2008, sales were $290,000 and the estimated gross profit rate was 40%. Estimate the ending inventory at December 31, 2008, using the gross profit method.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Jul 2017 12:07 AM My Price 10.00

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