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Exercise
Computations Involving Different Cost-Flow Assumptions
Arnold Company's raw material purchases during January, its first month of operations, were as follows:
Quantity
Cost per Unit
Total Cost
1/2 Purchased
1,200 pounds
$2.20
$2,640
1/8 Purchased
2,200 pounds
2.25
4,950
1/15 Purchased
2,800 pounds
2.28
6,384
1/23 Purchased
1,500 pounds
2.3
3,450
1/28 Purchased
3,000 pounds
2.32
6,960
Total Goods Available for Use
10,700 pounds
$24,384
The inventory on January 31 was 3,500 pounds. Compute the cost of the inventory on January 31 and the cost of raw materials issued to production for January under each of the following cost-flow assumptions:
a. FIFO.
b. Weighted average.
c. LIFO.
For weighted average: In your computations, round the per unit cost to four decimal places. For all methods, round your final answers to the nearest dollar.
FIFO
Weighted Average
LIFO
Raw Materials Available for Use
Less Ending Inventory
Raw Materials Issued to Production
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