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A company uses the periodic inventory system and had the following activity during the current monthly period.
| November 1: | Beginning inventory | 100 units @ $20 |
| November 5: | Purchased | 100 units @ $22 |
| November 8: | Purchased | 50 units @ $23 |
| November 16: | Sold | 200 units @ $45 |
| November 19: | Purchased | 50 units @ $25 |
Using the weighted average inventory method, the company’s ending inventory would be reported at:
| $4,400 | |||||||||||||||||||||||||||||||||||||||||||||
| $2,250 | |||||||||||||||||||||||||||||||||||||||||||||
| $2,400 | |||||||||||||||||||||||||||||||||||||||||||||
| $2,200 | |||||||||||||||||||||||||||||||||||||||||||||
| $2,000
What are the total assets for Shiver Ice House?
A company has inventory of 12 units at a cost of $11 each on September 1. On September 5, they purchased 5 units at $13 per unit. On September 12 they purchased 19 units at $15 per unit. On September 15, they sold 30 units. Using the FIFO periodic inventory method, what is the value of the inventory at September 15 after the sale?
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