Explore BrainMass

Explore BrainMass

    ending inventory of Model III calculators

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    29. Miller Inc. is a wholesaler of office supplies. The activity for Model III calculators during August is shown below:

    Balance/
    Date Transaction Units Cost
    August 1 Inventory 2,000 $36.00
    7 Purchase 3,000 37.20
    12 Sales 3,600
    21 Purchase 4,800 38.00
    22 Sales 3,800
    29 Purchase 1,600 38.60

    If Miller Inc. uses a perpetual inventory system, calculate the ending inventory of Model III calculators at August 31 assuming A) the LIFO method and B) the FIFO method.

    Stephens Inc. is a wholesaler of photography equipment. The activity for the VTC cameras during July is shown below:

    Balance/
    Date Transaction Units Cost
    July 1 Inventory 2,000 $36.00
    7 Purchase 3,000 37.00
    12 Sales 3,600
    21 Purchase 5,000 37.88
    22 Sales 3,800
    29 Purchase 1,600 38.11

    © BrainMass Inc. brainmass.com March 4, 2021, 9:57 pm ad1c9bdddf
    https://brainmass.com/business/inventory-management/ending-inventory-model-iii-calculators-285415

    Solution Summary

    This solution contains step-by-step calculations to determine the ending inventory of Model III calculators using a perpetual inventory system and a periodic inventory system.

    $2.49

    ADVERTISEMENT