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##### WileyPlus Exercise 8-14 on how to calculate Average cost

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Question;WileyPlus Exercise 8-14 on how to calculate Average cost - LIFO-FIFO I have attached the questions and the excel spreadsheet...;Exercise 8-14;LoBianco Company?s record;of transactions for the month of April was as follows.;Purchases;Sales;1-Apr;(balance on hand);654;\$6.00;3-Apr;545;\$9;4;1,635;6.3;9;1,417;9;8;872;6.6;11;654;11;13;1,308;6.8;23;1,308;11;21;763;7.2;27;981;13;29;545;7.4;4,905;5,777;(1) Assuming that;periodic inventory records are kept, compute the inventory at April 30 using;LIFO and average cost. (Round answer to 0 decimal places;e.g. \$2,760.);LIFO;\$;(2) Assuming that;perpetual inventory records are kept in both units and dollars, determine the;inventory at April 30 using FIFO and LIFO. (Round answer;to 0 decimal places, e.g. \$2,760.);FIFO;LIFO;Inventory;\$;\$;Using a perpetual;inventory system determine;FIFO;Weighted Average;Purchases;Sales;Balance;Date;Units;Cost;Total;Units;Cost;Total;Units;Cost;Total;Purchases;Sales;Balance;Date;Units;Cost;Total;Units;Cost;Total;Units;Cost;Total;4/1;654;\$;6.00;\$;3,924;\$;-;4/3;\$ -;545;\$ 9.00;\$ 4,905;4/4;1635;\$ 6.30;\$10,301;\$ -;4/8;872;\$ 6.60;\$ 5,755;\$ -;4/9;\$ -;1417;\$ 9.00;\$12,753;4/11;\$ -;654;\$ 11.00;\$ 7,194;4/13;1308;\$ 6.80;\$ 8,894;\$ -;4/21;763;\$ 7.20;\$ 5,494;\$ -;4/23;\$ -;1308;\$ 11.00;\$14,388;4/27;\$ -;981;\$ 13.00;\$12,753;4/29;545;\$;7.40;\$ 4,033;\$ -;\$ -;\$ -;\$ -;\$ -;\$ -;\$ -;Totals;0;\$ -;0;\$ -;0;\$;-;\$ -;\$ -;\$ -;\$ -;-;\$ -;Totals;5777;\$34,477;4905;\$51,993;0;\$;-;LIFO;Purchases;Sales;Balance;Date;Units;Cost;Total;Units;Cost;Total;Units;Cost;Total;Totals;0;\$ -;0;\$ -;0;\$;-

Paper#41526 | Written in 18-Jul-2015

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