Flint Company’s record of transactions for the month of April was as follows. Purchases Sales April...
Flint Company’s record of transactions for the month of April
was as follows.
|
Purchases |
Sales |
||||||||||
| April 1 | (balance on hand) | 708 | @ | $5.00 | April 3 | 590 | @ | $10.00 | |||
| 4 | 1,770 | @ | 5.09 | 9 | 1,652 | @ | 10.00 | ||||
| 8 | 944 | @ | 5.38 | 11 | 708 | @ | 11.00 | ||||
| 13 | 1,416 | @ | 5.48 | 23 | 1,416 | @ | 11.00 | ||||
| 21 | 826 | @ | 5.68 | 27 | 1,062 | @ | 12.00 | ||||
| 29 | 590 | @ | 5.87 | 5,428 | |||||||
| 6,254 | |||||||||||
Assuming that periodic inventory records are kept in units only,
compute the inventory at April 30 using LIFO and average-cost.
(Round answer to 0 decimal places, e.g.
2,760.)
| LIFO | $
|
|
| Average-cost | $
|
?Homework Answers
Closing inventory units = 6,254 - 5,428 = 826.
LIFO Method - Periodic Inventory
Closing inventory = ( 708 * $ 5 ) + ( 118 * $ 5.09 ) = $ 4,141.
Average cost Method.
Cost of goods available for sale = $ 33543
Average cost = $ 33543 / 6,254 = $ 5.4
Closing Inventory = 826 * $ 5.4 = $ 4461
Add Answer to:
Flint Company’s record of transactions for the month of April
was as follows.
Purchases
Sales
April...
BLANK Company’s record of transactions for the month of April was as follows. Purchases Sales April...
BLANK Company’s record of transactions for the month of April
was as follows.
Purchases
Sales
April 1
(balance on hand)
708
@
$5.00
April 3
590
@
$10.00
4
1,770
@
5.09
9
1,652
@
10.00
8
944
@
5.38
11
708
@
11.00
13
1,416
@
5.48
23
1,416
@
11.00
21
826
@
5.68
27
1,062
@
12.00
29
590
@
5.87
5,428
6,254
Assuming that perpetual inventory records are kept in dollars,
determine the inventory using (1)...
BLANK Company’s record of transactions for the month of April was as follows. Purchases Sales April...
BLANK Company’s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 708 @ $5.00 April 3 590 @ $10.00 4 1,770 @ 5.09 9 1,652 @ 10.00 8 944 @ 5.38 11 708 @ 11.00 13 1,416 @ 5.48 23 1,416 @ 11.00 21 826 @ 5.68 27 1,062 @ 12.00 29 590 @ 5.87 5,428 6,254 Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO....
s record of transactions for the month of April was as follows. Purchases Sales April 1...
s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 708 $5.00 April 3 590 $10.00 1,7705.09 9 1,652 10.00 944m 5.38 11 708 11.00 1,416 5.48 23 1,416 11.00 8265.68 27 1,062 12.00 590 5.87 5.42 6,254 Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using UFO and average-cost. (Round answer UFO Average cous
Swifty Company’s record of transactions for the month of April was as follows. Purchases Sales April...
Swifty Company’s record of transactions for the month of April
was as follows.
Purchases
Sales
April 1
(balance on hand)
420
@
$6.00
April 3
350
@
$10.00
4
1,050
@
6.08
9
980
@
10.00
8
560
@
6.40
11
420
@
11.00
13
840
@
6.50
23
840
@
11.00
21
490
@
6.60
27
630
@
12.00
29
350
@
6.79
3,220
3,710
Assuming that periodic inventory records are kept in units
only, calculate the average-cost per...
Exercise 8-11 Sheffield Company’s record of transactions for the month of April was as follows. Purchases...
Exercise 8-11
Sheffield Company’s record of transactions for the month of April
was as follows.
Purchases
Sales
April 1
(balance on hand)
1,260
@
$6.00
April 3
1,050
@
$10.00
4
3,150
@
6.08
9
2,940
@
10.00
8
1,680
@
6.40
11
1,260
@
11.00
13
2,520
@
6.50
23
2,520
@
11.00
21
1,470
@
6.60
27
1,890
@
12.00
29
1,050
@
6.79
9,660
11,130
Assuming that periodic inventory records are kept in units
only, calculate the...
Exercise 8-11 Swifty Company’s record of transactions for the month of April was as follows. Purchases...
Exercise 8-11
Swifty Company’s record of transactions for the month of April was
as follows.
Purchases
Sales
April 1
(balance on hand)
420
@
$6.00
April 3
350
@
$10.00
4
1,050
@
6.08
9
980
@
10.00
8
560
@
6.40
11
420
@
11.00
13
840
@
6.50
23
840
@
11.00
21
490
@
6.60
27
630
@
12.00
29
350
@
6.79
3,220
3,710
Assuming that periodic inventory records are kept in units
only, calculate the...
Exercise 8-11 Sunland Company’s record of transactions for the month of April was as follows. Purchases...
Exercise 8-11
Sunland Company’s record of transactions for the month of April was
as follows.
Purchases
Sales
April 1
(balance on hand)
1,020
@
$6.00
April 3
850
@
$10.00
4
2,550
@
6.08
9
2,380
@
10.00
8
1,360
@
6.40
11
1,020
@
11.00
13
2,040
@
6.50
23
2,040
@
11.00
21
1,190
@
6.60
27
1,530
@
12.00
29
850
@
6.79
7,820
9,010
Assuming that periodic inventory records are kept in units
only, calculate the...
Vaughn Company's record of transactions for the month of April was as follows. Purchases April 1...
Vaughn Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 1,140 @ $6.00 2,850 @ 6.08 1,520 @ 6.40 2,280 @ 6.50 1,330 @ 6.60 950 @ 6.79 10,070 Sales April 3 950 @ $10.00 9 2,660 @ 10.00 11 1,140 @ 11.00 23 2,280 @ 11.00 27 1,710 @ 12.00 8,740 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2...
Exercise 8-11 Kingbird Company’s record of transactions for the month of April was as follows. Purchases...
Exercise 8-11
Kingbird Company’s record of transactions for the month of April
was as follows.
Purchases
Sales
April 1
(balance on hand)
1,500
@
$6.00
April 3
1,250
@
$10.00
4
3,750
@
6.08
9
3,500
@
10.00
8
2,000
@
6.40
11
1,500
@
11.00
13
3,000
@
6.50
23
3,000
@
11.00
21
1,750
@
6.60
27
2,250
@
12.00
29
1,250
@
6.79
11,500
13,250
Assuming that periodic inventory records are kept in units only,, calculate the...
Nash Company's record of transactions for the month of April was as follows. Purchases Sales 360...
Nash Company's record of transactions for the month of April was as follows. Purchases Sales 360 S6.00 April 3 300@ $10.00 9 840 10.00 11 360 11.00 23 720 11.00 April 1 (balance on hand 900 6.08 4 8 480e 6.40 720 650 420 6.60 13 27 540@ 12.00 21 300 6.79 2.760 29 3.180 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, es. 2.76 Average-cost per...
BLANK Company’s record of transactions for the month of April
was as follows.
Purchases
Sales
April 1
(balance on hand)
708
@
$5.00
April 3
590
@
$10.00
4
1,770
@
5.09
9
1,652
@
10.00
8
944
@
5.38
11
708
@
11.00
13
1,416
@
5.48
23
1,416
@
11.00
21
826
@
5.68
27
1,062
@
12.00
29
590
@
5.87
5,428
6,254
Assuming that perpetual inventory records are kept in dollars,
determine the inventory using (1)...
s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 708 $5.00 April 3 590 $10.00 1,7705.09 9 1,652 10.00 944m 5.38 11 708 11.00 1,416 5.48 23 1,416 11.00 8265.68 27 1,062 12.00 590 5.87 5.42 6,254 Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using UFO and average-cost. (Round answer UFO Average cous
Swifty Company’s record of transactions for the month of April
was as follows.
Purchases
Sales
April 1
(balance on hand)
420
@
$6.00
April 3
350
@
$10.00
4
1,050
@
6.08
9
980
@
10.00
8
560
@
6.40
11
420
@
11.00
13
840
@
6.50
23
840
@
11.00
21
490
@
6.60
27
630
@
12.00
29
350
@
6.79
3,220
3,710
Assuming that periodic inventory records are kept in units
only, calculate the average-cost per...
Exercise 8-11
Sheffield Company’s record of transactions for the month of April
was as follows.
Purchases
Sales
April 1
(balance on hand)
1,260
@
$6.00
April 3
1,050
@
$10.00
4
3,150
@
6.08
9
2,940
@
10.00
8
1,680
@
6.40
11
1,260
@
11.00
13
2,520
@
6.50
23
2,520
@
11.00
21
1,470
@
6.60
27
1,890
@
12.00
29
1,050
@
6.79
9,660
11,130
Assuming that periodic inventory records are kept in units
only, calculate the...
Exercise 8-11
Swifty Company’s record of transactions for the month of April was
as follows.
Purchases
Sales
April 1
(balance on hand)
420
@
$6.00
April 3
350
@
$10.00
4
1,050
@
6.08
9
980
@
10.00
8
560
@
6.40
11
420
@
11.00
13
840
@
6.50
23
840
@
11.00
21
490
@
6.60
27
630
@
12.00
29
350
@
6.79
3,220
3,710
Assuming that periodic inventory records are kept in units
only, calculate the...
Exercise 8-11
Sunland Company’s record of transactions for the month of April was
as follows.
Purchases
Sales
April 1
(balance on hand)
1,020
@
$6.00
April 3
850
@
$10.00
4
2,550
@
6.08
9
2,380
@
10.00
8
1,360
@
6.40
11
1,020
@
11.00
13
2,040
@
6.50
23
2,040
@
11.00
21
1,190
@
6.60
27
1,530
@
12.00
29
850
@
6.79
7,820
9,010
Assuming that periodic inventory records are kept in units
only, calculate the...
Vaughn Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 1,140 @ $6.00 2,850 @ 6.08 1,520 @ 6.40 2,280 @ 6.50 1,330 @ 6.60 950 @ 6.79 10,070 Sales April 3 950 @ $10.00 9 2,660 @ 10.00 11 1,140 @ 11.00 23 2,280 @ 11.00 27 1,710 @ 12.00 8,740 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2...
Exercise 8-11
Kingbird Company’s record of transactions for the month of April
was as follows.
Purchases
Sales
April 1
(balance on hand)
1,500
@
$6.00
April 3
1,250
@
$10.00
4
3,750
@
6.08
9
3,500
@
10.00
8
2,000
@
6.40
11
1,500
@
11.00
13
3,000
@
6.50
23
3,000
@
11.00
21
1,750
@
6.60
27
2,250
@
12.00
29
1,250
@
6.79
11,500
13,250
Assuming that periodic inventory records are kept in units only,, calculate the...
Nash Company's record of transactions for the month of April was as follows. Purchases Sales 360 S6.00 April 3 300@ $10.00 9 840 10.00 11 360 11.00 23 720 11.00 April 1 (balance on hand 900 6.08 4 8 480e 6.40 720 650 420 6.60 13 27 540@ 12.00 21 300 6.79 2.760 29 3.180 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, es. 2.76 Average-cost per...
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