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. (Round final answers to 0 decimal places, eg. 6,548.) Ending Inventory (1) FIFO (2) LIFO (3) Average-cost
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. (Round final answers to 0 decimal places, eg. 6,548.) Ending Inventory (1) FIFO (2) LIFO (3) Average-cost
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 17MC: Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this...
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![Metlock Company's record of transactions concerning part X for the month of April was as follows.
Purchases
April 1 (balance on hand)
4
11
18
26
30
290 (@ $6.00
590 @
6.10
490 @
6.40
6.40
6.70
7.00
390 @
790 @
390 @
Sales
April 5
12
27
28
490
390
1,180
150](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9d00e015-ee16-47b4-810b-98bbb62f4fa3%2F8cb3a9ba-82b8-4619-90b4-ac42f7eb1f2c%2Fau3c0of_processed.png&w=3840&q=75)
Transcribed Image Text:Metlock Company's record of transactions concerning part X for the month of April was as follows.
Purchases
April 1 (balance on hand)
4
11
18
26
30
290 (@ $6.00
590 @
6.10
490 @
6.40
6.40
6.70
7.00
390 @
790 @
390 @
Sales
April 5
12
27
28
490
390
1,180
150
![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. (Round final answers to 0 decimal places, e.g. 6,548.)
Ending Inventory $
(1)
FIFO
(2)
LIFO
(3)
Average-cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9d00e015-ee16-47b4-810b-98bbb62f4fa3%2F8cb3a9ba-82b8-4619-90b4-ac42f7eb1f2c%2Fjp1e1yq_processed.png&w=3840&q=75)
Transcribed Image Text: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. (Round final answers to 0 decimal places, e.g. 6,548.)
Ending Inventory $
(1)
FIFO
(2)
LIFO
(3)
Average-cost
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