Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 6: p6-13a kane ltd. had a beginning inven

QUESTION 6: P6-13A Kane Ltd. had a beginning inventory on January 1 of 250 units...

80.2K

Verified Solution

Question

Accounting

QUESTION 6: P6-13A Kane Ltd. had a beginning inventory on January 1 of 250 units of product SXL at a cost of $160 per unit. During the year, purchases were as follows:

Units

Unit Cost

Total Cost

Mar. 15

700

$150

$105,000

July 20

500

145

72,500

Sept.4

450

135

60,750

Dec. 2

100

125

12,500

Kane uses a periodic inventory system. At the end of the year, a physical inventory count determined that there were 200 units on hand.

Instructions

(a) Determine the cost of goods available for sale.

(b) Determine the cost of the ending inventory and the cost of the goods sold using (1) FIFO and (2) average cost. (Use unrounded numbers in your calculation of the average unit cost but round to the nearest cent for presentation purposes in your answer.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

There are 3 SPSS outputs in this homework assignment. The questions for each output are listed...

Medical Sciences
1.2K views

Discuss the lymphatic tissues associated with the respiratory and digestive systems, include in your discussion the types...

Civil Engineering
1.2K views

Q6. We all know that, power generation through fossil fuels creates more environmental impacts on the earth....

Accounting
1.2K views

On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs. During the month,...

Physics
1.2K views

A suspension bridge is to be built across valley where it is known that the...

Geometry
1.2K views

Given a 31 7 2k and b xi 4j 1k find x when a b...

Basic Math
1.2K views

A political strategist believes that 58% of voters in a certain state support his candidate....

Algebra
1.2K views

d No the polygon is not regular It is equiangular but it is not equilateral...

Accounting
1.2K views

-24. Make or buy decision Premier Company manufactures gear model G37, which is used in...

Accounting
1.2K views

"Mason Automotive is an automotive parts company that sells car parts and provides car service...

Accounting
1.2K views

Pharoah Ltd. purchased a new machine on April 4, 2017, at a cost of $180,000....

Finance
1.2K views

a. Consider the task facing the plant manager of a company that manufactures special additives...