1. Given the following information, you have been requested by your supervisor to submit the cost of ending inventory under LIFO periodic. At year-end 850 units remained in inventory.
January 1 inventory: 2,500 at $2.95
April 9: 4,000 at $4.00
June 15: 1,000 at $6.50
August 10: 500 at $7.00
December 9: 200 at $8.50
2. Given the following information, you have been requested by your supervisor to submit the cost of ending inventory under Weighted-Average periodic. At year-end 850 units remained in inventory (round the answer to whole dollar).
January 1 inventory: 2,500 at $2.95
April 9: 4,000 at $4.00
June 15: 1,000 at $6.50
August 10: 500 at $7.00
December 9: 200 at $8.50
3. Javon Corp. had a beginning inventory of 300 cans of paint on January 1, at a cost of $2,100. During the year, the following purchases were made:
February 15: 200 cans @ $8
May 5: 250 cans @ $10
December 8: 100 cans @ $12
By assuming 310 cans were left in inventory, what is the cost of ending inventory under the LIFO periodic method?
4. Given the following information, you have been requested by your supervisor to submit the cost of ending inventory under FIFO periodic. At year-end 850 units remained in inventory. January 1 inventory: 2,500 at $2.95
April 9: 4,000 at $4.00
June 15: 1,000 at $6.50
August 10: 500 at $7.00
December 9: 200 at $8.50
5. Al Smith bought a duplicating machine for $32,000 with a residual value of $2,000 on March 20. The estimated life of the machine is 5 years. Al will use the sum-of-the-years'-digits method. Calculate the depreciation for year 4?