ACC 304 All Assignments ACC 304 All Assignments | Page 186

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
On Hand
Received
1/1/14
3,200 Inventory
1/11/14
1,600 Issue
1/22/14
5,600 Purchase
Cost
Issued
$6.00
1,600
4,000
$7.05
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