Hook Products Inc. sells television sets. The following perpetual inventory record card relates to January 2017 purchases and sales of Brand X [152 cm] high-definition television sets:
|
Purchased |
Sold |
Balance in Inventory |
||||||||
|
Date |
Units |
Unit cost |
Total $ |
Units |
Unit cost |
Total $ |
Units |
Unit cost |
Total $ |
|
|
Jan. 1 |
6 |
$400 |
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| 2 |
1 |
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| 3 |
2 |
$450 |
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| 7 |
2 |
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| 10 |
1 |
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| 15 |
3 |
$500 |
||||||||
| 20 |
4 |
|||||||||
| 25 |
1 |
$550 |
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| 29 |
2 |
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Required:
- Calculate the cost of the month-end inventory under each of
- FIFO
- Specific identification
- Weighted average.
- Record the journal entries for the January 29 sale under each of the three cost flow assumptions. Assume each unit was sold on account for $900. For specific identification, assume that the most recent purchases are sold first.
- 1530 reads
