Inventory Computation Using Different Cost Flows The Gidewall Corporation uses part 210 in a… 1 answer below »

Inventory Computation Using Different Cost Flows

The Gidewall Corporation uses part 210 in a manufacturing process. Information as to balances on hand, purchases, and requisitions of part 210 is given in the following table:

 

Quantities

 

 

Unit

Date

Received

Issued

Balance

Purchase Price

January 8                             

200

$1.55

January 29                            

200

400

1.70

February 8                            

80

320

March 20                             

160

160

July 10                               

150

310

1.75

August 18                            

110

200

September 6                           

75

125

November 14                          

250

375

2.00

December 29                          

100

275

Instructions: What is the closing inventory under each of the following pricing methods? (Round unit costs to three decimal places.)

1. Perpetual FIFO

2. Periodic FIFO

3. Perpetual LIFO

4. Periodic LIFO

5. Perpetual average

6. Periodic average

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