Marigold Companyâs record of transactions concerning part X for the month of April was as follows.
Purchases
Sales
April 1
(balance on hand)
310
@
$6.20
April 5
510
4
610
@
6.32
12
410
11
510
@
6.57
27
1,220
18
410
@
6.63
28
150
26
810
@
6.94
30
410
@
7.19
Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only-Average-cost per unit $
Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. Ending Inventory $
If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory under (1) FIFO, (2) LIFO and (3) Average-cost? Ending Inventory
Marigold Companyâs record of transactions concerning part X for the month of April was as follows.
| Purchases | Sales | ||||||||
| April 1 | (balance on hand) | 310 | @ | $6.20 | April 5 | 510 | |||
| 4 | 610 | @ | 6.32 | 12 | 410 | ||||
| 11 | 510 | @ | 6.57 | 27 | 1,220 | ||||
| 18 | 410 | @ | 6.63 | 28 | 150 | ||||
| 26 | 810 | @ | 6.94 | ||||||
| 30 | 410 | @ | 7.19 | ||||||
Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only-Average-cost per unit $
Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. Ending Inventory $
If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory under (1) FIFO, (2) LIFO and (3) Average-cost? Ending Inventory
Related questions
ohn Adams Companyâs record of transactions for the month ofApril was as follows.
Purchases | Sales | ||||||||||
| April 1 | (balance on hand) | 732 | @ | $ 5.00 | April 3 | 610 | @ | $8.50 | |||
| 4 | 1,830 | @ | 5.18 | 9 | 1,708 | @ | 8.50 | ||||
| 8 | 976 | @ | 5.41 | 11 | 732 | @ | 10.65 | ||||
| 13 | 1,464 | @ | 5.69 | 23 | 1,464 | @ | 10.65 | ||||
| 21 | 854 | @ | 6.03 | 27 | 1,098 | @ | 12.79 | ||||
| 29 | 610 | @ | 6.37 | 5,612 | |||||||
| 6,466 | |||||||||||
Assuming that periodic inventory records are kept in units only,compute the inventory at April 30 using LIFO and average-cost.
Assuming that perpetual inventory records are kept in dollars,determine the inventory using (1) FIFO and (2) LIFO.
Compute cost of goods sold assuming periodic inventoryprocedures and inventory priced at FIFO.
Some ofthe information found on a detail inventory card for Slatkin Inc.for the first month of operations is as follows.
Received
Date #ofunits unitcost issued# ofunits balance,# of units
January2 1,650 $3.91 1,650
January7 1,150 500
January10 1,050 $4.17 1,550
January13 950 600
January18 1,450 $4.30 750 1,300
January20 1,100 200
January23 1,750 $4.43 1,950
January26 1,250 700
January28 2,050 $4.56 2,750
January31 1,750 1,000
From thesedata compute the ending inventory on each of the following bases.Assume that perpetual inventory records are kept in units only. (1)First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3)Average-cost.
FIFO LIFO AverageCost
Ending Inventory$ ??? $ ??? $ ???
If theperpetual inventory record is kept in dollars, and costs arecomputed at the time of each withdrawal, what amount would be shownas ending inventory under (1) FIFO, (2) LIFO and (3)Average-cost?
FIFO LIFO AverageCost
Ending Inventory$ ??? $ ??? $ ???
Some of the information found on a detail inventory card for Indigo Inc. for the first month of operations is as follows.
| Received | ||||||||
| Date | No. of Units | Unit Cost | Issued, | Balance, | ||||
| January 2 | 1,300 | $4.83 | 1,300 | |||||
| 7 | 800 | 500 | ||||||
| 10 | 700 | 5.15 | 1,200 | |||||
| 13 | 600 | 600 | ||||||
| 18 | 1,100 | 5.31 | 400 | 1,300 | ||||
| 20 | 1,100 | 200 | ||||||
| 23 | 1,400 | 5.47 | 1,600 | |||||
| 26 | 900 | 700 | ||||||
| 28 | 1,700 | 5.64 | 2,400 | |||||
| 31 | 1,400 | 1,000 | ||||||
a. From these data compute the ending inventory on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to 0 decimal places, e.g. 6,548.)
| (1) | (2) | (3) | ||||
| Ending Inventory |
b. If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amounts shown as ending inventory in (1), (2), and (3) above be the same? What amount would be shown as ending inventory? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.)
| (1) (2) (3) FIFO LIFO Average- cost | ||||||
| Would amount be same | ||||||
| Ending Inventory |
