Loblaw Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was...
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Loblaw Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a cost of $23 per unit. None of this inventory was sold in 2016. Relevant information for fiscal 2017 is as follows: Ending inventory units:
December 31, 2016
130
December 31, 2017, by purchase date
Dec. 2, 2017
130
July 20, 2017
30
160
During 2017, the following purchases and sales were made:
Purchases
Sales
Mar.
15
380 units at $24
Apr.
10
210
July
20
380 units at $28
Aug.
20
310
Sept.
4
270 units at $30
Nov.
18
160
Dec.
2
130 units at $31
Dec.
12
450
Ending inventory under specific identification is $4870.
Ending inventory
4,930
Under FIFO inventoryis left from end.
QUESTION #3.
Determine ending inventory under weighted average cost. Ending inventory
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