FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

am. 112.

Your answer is incorrect. 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 0 decimal places, eg. 6,548) Ending inventory (1) FIFO (2) LIFO (3) Average-cost
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Transcribed Image Text:Your answer is incorrect. 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 0 decimal places, eg. 6,548) Ending inventory (1) FIFO (2) LIFO (3) Average-cost
Concord Company's, record of transactions concerning part WA6 for the month of September was as follows: Purchases September 1 (balance on hand) 3 12 16 22 26 Sales 300 @ $11.40 September 4 200 @ 11.50 17 300 @ 300 @ 500 @ 300 @ 11.65 11.70 11.70 11.80 400 600 300 27 30 200
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Transcribed Image Text:Concord Company's, record of transactions concerning part WA6 for the month of September was as follows: Purchases September 1 (balance on hand) 3 12 16 22 26 Sales 300 @ $11.40 September 4 200 @ 11.50 17 300 @ 300 @ 500 @ 300 @ 11.65 11.70 11.70 11.80 400 600 300 27 30 200
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Step 1: Define ending inventory;
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Step 2: Compute ending inventory;
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