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Stewart Co.s beginning inventory and purchases during the year ended December 31, 2010, were as follows: Unit Cost $50.00 52.50 Total Cost Units 1,000 1,200 January 1 March 10 June 25 August 30 October 5 November 26 December 31 $ 50,000 Inventory Purchase Sold 800 units Purchase Sold 1,500 units Purchase Sold 1 63,000 800 55.00 44,0004 2,000 56.00 112,00 ,000 units Total 5,000 $269,000 Instructions Determine the cost of inventory on December 31, 2010, using the perpetual inven- tory system and each of the following inventory costing methods: a. first-in, first-out b. last-in, first-out 1. 2. Determine the cost of inventory on December 31, 2010, using the periodic inven tory system and each of the following inventory costing methods: a. first-in, first-out b. last-in, first-out c. average cost Appendix: Assume that during the fiscal year ended December 31, 2010, sales were 3. nd the estimated gross profit rate was 40%. Estimate the ending inven- tory at December 31, 2010, using the gross profit method.
eter ved SI,S00 which was written offon Jan. 5, from client B. Prepare the clkosing entries with the following information from the adjusted trial balance for RISE Accumulated Depreciation- equipment Prepaid Insurance Unearned revenue Fees earned Wage expense $5,000 3,200 1,900 0,980 4,150 1,245 2,713 Insurance expense eter Uilities expense Depreciation expense 2,042 3
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