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, eg 2.7621 and final answers to O decimal places, e.g. 6,548) Ending inventory (1) FIFO 3400 (2) LIFO (3) Average-cost
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, eg 2.7621 and final answers to O decimal places, e.g. 6,548) Ending inventory (1) FIFO 3400 (2) LIFO (3) Average-cost
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 9RE: Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for...
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Haresh
![Metlock Company's record of transactions concerning part X for the month of April was as follows.
April 1 (balance on hand)
4
11
18
26
Purchases
30
290 (@
590 @
490 @
790 @
$6.00
6.40
390 @ 6.40
6.70
390
6.10
7.00
Sales
April 5
490
12 390
27
28
1,180
150](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6338f29c-038e-4203-a71b-73996700c81e%2F3fa479a0-2e6e-497e-a65d-0a9168b9d2ab%2Fe51km15_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Metlock Company's record of transactions concerning part X for the month of April was as follows.
April 1 (balance on hand)
4
11
18
26
Purchases
30
290 (@
590 @
490 @
790 @
$6.00
6.40
390 @ 6.40
6.70
390
6.10
7.00
Sales
April 5
490
12 390
27
28
1,180
150
![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, eg
2.7621 and final answers to 0 decimal places. e.g. 6,548.)
Ending inventory
(1)
FIFO
3400
(2)
LIFO
(3)
Average-cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6338f29c-038e-4203-a71b-73996700c81e%2F3fa479a0-2e6e-497e-a65d-0a9168b9d2ab%2Frlr4f8g_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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, eg
2.7621 and final answers to 0 decimal places. e.g. 6,548.)
Ending inventory
(1)
FIFO
3400
(2)
LIFO
(3)
Average-cost
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