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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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