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accounting problems with all solutions

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solution


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Question;uestion 4LoBianco Company?s record of transactions for the month of April was as follows.urchases---April 1(balance on hand)738@$6.041,845@6.38984@6.6131,476@6.921861@7.229615@7.4SalesApril 3615@$991,599@911738@11231,476@11271,107@125,53566,519 is the total on the purchases6,519SalesApril 1 (balance on hand) 738 @ $6.0 April 3 615 @ $94 1,845 @ 6.3 9 1,599 @ 98 984 @ 6.6 11 738 @ 1113 1,476 @ 6.9 23 1,476 @ 1121 861 @ 7.2 27 1,107 @ 1229 615 @ 7.4 5,535 6,519 (a1)Your answer is correct.Calculate average cost per unit. (Round average cost per unit to 2 decimal places, e.g. $2.76.)Average cost per unit $6.67(a2) and (b)(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 $Average cost $(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.)FIFOLIFOInventory $$

 

Paper#42512 | Written in 18-Jul-2015

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