Do not give image format If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amountsshown as ending inventory in (1), (2), and (3) above be the same? What amount would be shown as ending inventory? (Roundaverage cost per unit to 4 decimal places, e.g. 2.7621 and final answers to O decimal places, e.g. 6,548.)Would amount be sameEnding Inventory$(1)FIFO$(2)LIFO$(3)Average-cost Some of the information found on a detail inventory card for Crane Inc. for the first month of operations is as follows.DateJanuary 271013182023262831ReceivedNo. of Units1,3007001,1001,400Ending Inventory1,700Average-cost per unit $eTextbook and MediaUnit Cost$3.033.23$3.333.433.54Issued,No. of Units800(1)FIFO6004001,100900Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)1,400Balance,No. of Units1,3005001,200600From these data compute the ending inventory on each of the following bases. Assume that perpetual inventory records arekept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to O decimalplaces, e.g. 6,548.)1,3002001,600700$2,4001,000(2)LIFO(3)Average-cost

Ending inventory is the amount of inventory that an entity has, in its hands at the end of the…

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 O decimal places, e.g. 6,548.) Ending Inventory $ LA (1) FIFO tA $ (2) LIFO $ LA (3) Average-cost

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 O decimal places, e.g. 6,548.) Ending Inventory $ LA (1) FIFO tA $ (2) LIFO $ LA (3) Average-cost

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 6EA: Akira Company had the following transactions for the month. Calculate the gross margin for the...

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