harvest is predicted for 2015, the price per pound for cocoa beans had fallen to $ 3.30 by December 31, 2014.
19) Which method of inventory pricing best approximates specific identification of the actual flow of costs and units in most manufacturing situations?
20) Checkers uses the periodic inventory system. For the current month, the beginning inventory consisted of 4,800 units that cost $ 12 each. During the month, the company made two purchases: 2,000 units at $ 13 each and 8,000 units at $ 13.50 each. Checkers also sold 8,600 units during the month. Using the FIFO method, what is the ending inventory?
21) Groh Co. recorded the following data pertaining to raw material |
X during January 2014: |
Units |
Date |
Received |
Cost |
Issued |
On Hand |
|
|
1 / 1 / 14 |
Inventory |
|
$ 6.00 |
3,200 1 / 11 / 14 |
Issue |
|
|
1,600 |
1,600 |
|
|
1 / 22 / 14 |
Purchase |
4,000 |
$ 7.05 |
5,600 |
|
|
|
The moving-average unit cost of X inventory at January 31, 2014 is
22) Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Its inventory at that date was $ 550,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows:
Date Inventory at
Current Prices
Current
Price Index December 31, 2014 $ 642,000
107