mpany Purchases September 1 (balance on hand) 12 16 22 26 300 200 300 300 5000 300 $11.40 11.50 11.65 11.70 11.70 11.80 Sales (2) September 4 17 27 30 400 600 300 200 Compute the inventory at September 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. (Round average cost per unit to 2 decimal places, eg 2.76 and final answers to O decimal places, e.g. 6.548.) (3)
mpany Purchases September 1 (balance on hand) 12 16 22 26 300 200 300 300 5000 300 $11.40 11.50 11.65 11.70 11.70 11.80 Sales (2) September 4 17 27 30 400 600 300 200 Compute the inventory at September 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. (Round average cost per unit to 2 decimal places, eg 2.76 and final answers to O decimal places, e.g. 6.548.) (3)
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 2PEA: Beginning inventory, purchases, and sales for Item Widget are as follows: Assuming a perpetual...
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