Accounting Problems

Exercise8-12.pdf

10/10/19, 10'11 PMExercise 8-12

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Print by: Crismaldy Ventura ACC304011VA016-1198-001: Intermediate Accounting II / HOMEWORK - CHAPTER 08 - ACC304

*Exercise 8-12 Nash Company was formed on December 1, 2016. The following information is available from Nash’s inventory records for Product BAP.

Units Unit Cost

January 1, 2017 (beginning inventory) 642 $ 9.00

Purchases:

January 5, 2017 1,284 10.00

January 25, 2017 1,391 11.00

February 16, 2017 856 12.00

March 26, 2017 642 13.00

A physical inventory on March 31, 2017, shows 1,712 units on hand.

Prepare schedule to compute the ending inventory at March 31, 2017, under FIFO inventory method.

NASH COMPANY COMPUTATION OF INVENTORY FOR PRODUCT

BAP UNDER FIFO INVENTORY METHOD March 31, 2017

Units Unit Cost Total Cost

$ $

Prepare schedule to compute the ending inventory at March 31, 2017, under LIFO inventory method.

NASH COMPANY COMPUTATION OF INVENTORY FOR PRODUCT

BAP UNDER LIFO INVENTORY METHOD March 31, 2017

Units Unit Cost Total Cost

$ $

10/10/19, 10'11 PMExercise 8-12

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Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)

Weighted average-cost per unit $

Compute the ending inventory at March 31, 2017, under Weighted-average inventory method. (Round answer to 0 decimal places, e.g. 2,760.)

Weighted-Average

Ending Inventory at March 31, 2017 $