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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Yuduryhej rjj

A: feel free to ask me any question within my capacity and I'm willing to help.

Q: JE for A?

A: Here asked for the journal entry related with the construction of library and its total proceedings…

Q: What are ADRs?

A: Answer: An American depositary receipt (ADR) is a negotiable asset that denotes a non-US company…

Q: What is Glass-Steagall Act?

A: Glass-Steagall Act splits up the investment and commercial banking segments of an investment bank.

Q: What is a NIC?

A: NIC: NIC stands for network interface card. NIC is an electronic device that provides circuit to…

Q: What is WACC

A: Weighted average cost of capital(WACC) is the average cost of several source of financing. It is…

Q: Definition of Marco

A: Macroeconomics is the study of how the economy behaves in broad outline. It is largely concerned…

Q: What islockbox system?

A: Banks provide various services to the organizations such as lock box facility, overdraft facility,…

Q: What is BATNA?

Q: What is the SML? What is the CAPM? What is the APT?

A: Security Market Line (SML):The Security Market Line (SML) is a graphical representation of the…

Q: What is Miller model?

A: It represents the impact of individual taxes or personal taxes into the valuation of a levered firm,…

Q: Why was EDI devised?

A: EDI: EDI or Electronic data interchange refers to as a system designed to share encrypted…

Q: Illustrate the Guidelines for Selecting a MARR?

A: It places a base gainfulness prerequisite on the discount rate, or MARR, which a venture or…

Q: hat is APY

A: In interest there is compounding and other is simple interest. In the compouding there is interest…

Q: WHAT'S THE ANSWER TO D, E AND F?

A: Given, Net nonoperating obligations (NNO) Return on equity (ROE) Nonoperating return component of…

Q: Identify the gragh?

A: Part a: Total direct material cost increases or decreases in direct proportion to change in activity…

Q: lanagemenl A ler

A: The right answer is option a. cost centre

Q: Define Volcker rule

A: Volcker Rule is a regulation that implies restrictions on the banks to involve in the stock market…

Q: What is MM Proposition I?

A: Modigliani and Miller’s approach is an element of economic theory and it forms the basis for modern…

Q: kindly, explain more

A: When deciding where to invest there many factors that need to be considered in order to take any…

Q: What is CAPM? How about APT?

A: CAPM and APT are two common models for pricing used in finance. These are explained below.

Q: Activity F stomer Service

A: 1) S. Inc Activity rate = Total activity cost ÷ Activity Base Customer Service = $29,190 ÷ 210 =…

Question

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

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

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Methods of Inventory Valuation

VIEW

Step 2: Inventory Value-FIFO Method

VIEW

Step 3: Inventory Value-LIFO Method

VIEW

Step 4: Inventory Value-Average Method

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 5 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Mamuțelerăit puiul de om
Format m dalna chaiye tha
Define unicorn
Define agent
Describe about the NOL.
Assets Cash Accounts Receivable Merchandise Inventory Total Current Assets Land Equipment Accumulated Depreciation Total Assets Liabilities Current Liabilities Accounts Payable Taxes Payable Total Current Liabilities Bonds Payable Total Liabilities Zooyo Appliance Balance Sheet As at December 31 Shareholders' Equity Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity Sales Cost of Goods Sold Gross Profit Operating Expenses Depreciation Expense Other Operating Expenses 2020 Total Operating Expenses Income from Operations Other Income and Expenses $37,580 17,000 21.000 75,580 Interest Expense Loss on Sale of Equipment Income before Income Tax Expense Income Tax Expense Net Income (Loss) Zooyo Appliance Income Statement For the Year Ended December 31, 2020 $29,000 18.000 47,000 80,000 127,000 2019 110,000 130,000 (26.500) (30.000) $289.080 $268.000 Notes There was no sale of land or purchase of equipment during the year. The company did…
how to learn CAPM model?
I need exact interest
can you solve by ansewring the question'a in a fromual.
Define Will.
Tannin Products Inc. prepared the following factory overhead cost budget for the Trim Department for July of the current year, during which it expected to use 14,000 hours for production: Variable overhead cost: Indirect factory labor $44,800 Power and light 10,360 Indirect materials 21,000 Total variable overhead cost $ 76,160 Fixed overhead cost: Supervisory salaries $54,380 Depreciation of plant and equipment 14,310 Insurance and property taxes 26,710 Total fixed overhead cost 95,400 Total factory overhead cost $171,560 Tannin has available 18,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 13,000 hours for production. The actual fixed costs were as budgeted. The actual variable overhead for July was as follows: Actual variable factory overhead cost: Indirect factory labor $40,560…
What's ROE?