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ACC - LoBianco Company?s

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Question;Question 4LoBianco Company?s record of transactions for the month of April was as follows.;Purchases;SalesApril 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.);FIFO;LIFOInventory $;Purchases---April 1;(balance on hand);738;$6.0;4;1,845;6.3;8;984;6.6;13;1,476;6.9;21;861;7.2;29;615;7.4;Sales;April 3;615;$9;9;1,599;9;11;738;11;23;1,476;11;27;1,107;12;5,535;66,519 is the total on the purchases;6,519

 

Paper#43135 | Written in 18-Jul-2015

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