Description of this paper

LoBianco Company's record of transactions for the...

Description

Solution


Question

LoBianco Company's record of transactions for the month of April was as follows. Purchases Sales April 1 (Balance on hand) 600 @ $6.00 April 3 500 @ $10.00 4 1,500 @ $6.08 9 1,300 @ $10.00 8 800 @ $6.40 11 600 @ $11.00 13 1,200 @ $6.50 23 1,200 @ $11.00 21 700 @ $6.60 27 900 @ $12.00 29 500 @ $6.79 4,500 5,300 (a) Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using (1) LIFO and (2) average cost. LIFO $ Average Cost $

 

Paper#7829 | Written in 18-Jul-2015

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