90.2K

Verified Solution

Link Copied!

The following data concerns inventory and purchases at Hinojosa Company:

Inventory, January 1	100	units at $113
Purchases:
January 6	70	units at $112
January 15	54	units at $113
January 22	44	units at $106
Inventory, January 31	100	units

1. Determine the cost of the ending inventory on January 31 under the average cost method.
2. Determine the cost of the ending inventory on January 31 under the first in, first out (FIFO) method.
3. Determine the cost of the ending inventory on January 31 under the last in, first out (LIFO) method.

Analyze: Which inventory valuation method resulted in the highest dollar amount for ending inventory?

Complete this question by entering your answers in the tabs below. Determine the cost of the ending inventory on January 31 under the average cost method. (Round your liverage cont per urikt anras to 2 decimal ploces.) Complete this question by entering your answers in the tabs below. Determine the cost of the ending inventory on Jamuary 31 under the first in, first aut (FIFO) met c. Determine the cost of the ending invertery on January 31 under the last in, first out (LIFO) method. Analyze: Which inventory valuation method resulted in the highest dollar amount for ending inventory? Compiete this qunstion by entering your anmwers in the tabs below. Determine the cost of the ending inventory on Jamary 31 under the last in, first out (UFO) method. The following data concerns inventory and purchoses at Hinolosa Company: a. Determine the cost of the ending inventory on January 31 under the average cost method. b. Determine the cost of the ending inventory on January 31 under the first in, first out (FIFO) method c. Determine the cost of the ending inventory on January 31 under the last in, first out (UFO) method Analyze: Which inventory valuation method resulted in tite highest dollar amount for ending inventory? Complete this question by entering your answers in the tabs below. Which inventory valuation method resuited in the highest dollar amount for ending inventery? Complete this question by entering your answers in the tabs below. Determine the cost of the ending inventory on January 31 under the average cost method. (Round your liverage cont per urikt anras to 2 decimal ploces.) Complete this question by entering your answers in the tabs below. Determine the cost of the ending inventory on Jamuary 31 under the first in, first aut (FIFO) met c. Determine the cost of the ending invertery on January 31 under the last in, first out (LIFO) method. Analyze: Which inventory valuation method resulted in the highest dollar amount for ending inventory? Compiete this qunstion by entering your anmwers in the tabs below. Determine the cost of the ending inventory on Jamary 31 under the last in, first out (UFO) method. The following data concerns inventory and purchoses at Hinolosa Company: a. Determine the cost of the ending inventory on January 31 under the average cost method. b. Determine the cost of the ending inventory on January 31 under the first in, first out (FIFO) method c. Determine the cost of the ending inventory on January 31 under the last in, first out (UFO) method Analyze: Which inventory valuation method resulted in tite highest dollar amount for ending inventory? Complete this question by entering your answers in the tabs below. Which inventory valuation method resuited in the highest dollar amount for ending inventery

Answer & Explanation Solved by verified expert

See Answer