Please help me Vaughn Company's record of transactions concerning part X for the month of April was as follows.PurchasesSalesApril 1 (balance on hand)411182630340 @ $6.50640 @6.60540 @ 6.90440 @7.00840@440 @7.307.50April 51227285404401,280150 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?(Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.)Ending Inventory(1)FIFO6147(2)LIFO5840(3)Average-cost5807

As shown in the question posted by you the answers for FIFO and LIFO are right. So, I am solving…

Answered: Vaughn Company's record of transactions…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Oriole Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 11 18 20 30 390 @ 690 @ 590 @ 490 @ 890 @ 490 $7.00 7.10 7.40 7.50 7.80 8.10 Sales April 5 12 27 28 590 490 1,380 150
Blossom Company had the following transactions for the month of June. Purchases Sales June 1 (balance) 3130 @ $3.30 June 2 2430 @ $5.40 3 8700 @ 3.20 6 6410@ 5.40 7 4820@ 3.40 9 3930 @ 5.40 15 7280@ 3.50 10 1530 @ 7.00 22 22 1900@ 3.60 18 5530 @ 7.00 25 850@ 7.00 Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is $16409. $16609. $18215. $17495.
Sheridan Company had the following transactions for the month of June: Purchases Sales June 1 (balance) 3290@ $3.00 June 2 2400@ $5.40 3 8700 @ 2.90 6 6450@ 5.40 7 4730@ 3.10. 9 3910@ 5.40 15 7100@ 3.20 10 1690@ 8.00 22 1990 @ 3.30 25 22 18 5550@ 8.00 760 @ 8.00 Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is $15655. $15150. O $16359. O $14974.
Windsor Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 11 18 26 30 270 @ $5.80 570 @ 5.90 470 370 6.10 6.20 6.50 370 @ 6.70 770 @ Sales April 5 12 370 27 1,140 150 470 28
A arch Presented below is a list of possible transactions. Analyze the effect of the 18 transactions on the financial statement categories indicated. 1. R F 2. 3. V Transactions Purchased inventory for $80,000 on account (assume perpetual system is used). Issued an $80,000 note payable in payment on account (see item 1 above). Recorded accrued interest on the note from item 2 above. ACC341-2022-Ho...xlsx % 5 T G B Ot n 21 6 Y music 2 jpeg H & 7 Assets 8 6 O N M K O F10 ( 9 Liabilities F11 ) O L Z 888 F12 P : Owners' Equity Home C ? V End - Net Income ] Rain off and on Insert A Delete Backsp Det in
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Bonita Company’s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 780 @ $ 6.00 April 3 650 @ $ 10.00 4 1,950 @ 6.08 9 1,820 @ 10.00 8 1,040 @ 6.40 11 780 @ 11.00 13 1,560 @ 6.50 23 1,560 @ 11.00 21 910 @ 6.60 27 1,170 @ 12.00 29 650 @ 6.79 5,980 6,890 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO
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Inuyasha Company reported accounts payable of P1,000,000 as of December 31, 2022. The following transactions were recorded in month of December 2022 and January 2023 related to accounts payable. Purchases Journal Entries: Dec. 21 – Dec. 31, 2022: Receiving Report Date Date of Shipment Amount Shipment terms Dec. 22, 2022 Dec. 21, 2022 P162,000 Destination point Jan. 9, 2023 Dec. 30, 2022 128,000 C. I. F. in transit Jan. 10, 2023 Dec. 31, 2022 125,000 Destination point Purchases Journal Entries: January 2 – January 10, 2023 Receiving Report Date Date of Shipment Amount Consignment Jan. 5, 2023 Dec. 29, 2022 P110,000 Destination point Jan. 7, 2023 Dec. 30, 2022 170,000 F. A. S. in transit to Inuyasha Jan. 9, 2023 Jan. 6, 2023 300,000 Shipping Point How much should Inuyasha report as accounts payable in its December 31, 2022 statement of financial position?
2.15) Find the average daily balance (new purchases included) Payment End of Day Balance Dates 11/1-11/2 11/3 11/4-11/11 11/12 11/13-11/30 Average $125.00 Purchase $65.00 X Number of Days $145.00 X $210.00 X $210.00 x $85.00 x $85.00 X Total → 2 1 1 18 30 Sum of Balances $290.00 $210.00 $1,680.00 $85.00 $1,530
2.14) Find the average daily balance (new purchases included) Payment End of Day Balance Dates 3/1-3/10 3/11 3/12-3/21 3/22 3/23-3/30 Average → $165.00 Purchase $72.00 X Number of Days $215.00 x $287.00 x $287.00 x $122.00 x $122.00 x Total → 10 1 10 1 8 30 Sum of Balances $2,150.00 $287.00 $2,870.00 $122.00 $976.00
2.16) Find the average daily balance (new purchases included) Dates Payment End of Day Balance 4/1-4/5 4/6 4/7-4/22 4/23 4/24-4/30 Average $380.00 Purchase $110.00 Po X $300.00 x $410.00 x $410.00 X $30.00 X $30.00 x Total Number of Days v 5 1 16 1 7 30 Sum of Balances $1,500.00 $410.00 $6,560.00 $30.00 $210.00

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Vaughn Company's record of transactions concerning part X for the month of April was as follow Sales Purchases April 1 (balance on hand) 340 @ $6.50 April 5 4 640 @ 6.60 12 11 540 @ 6.90 27 18 440 7.00 28 840@ 7.30 440 @ 7.50 26 30 540 440 1,280 150