Chapter $6-$ Exercises and Problems

Problem $1$

Use the following information for answering the FIFO, LIFO, and average cost calculations below.

Tractor Company is a small business of tractor parts. The accounting records show the following purchases and sales during the first year of the business. Customers paid $$85$ per unit when they purchased these from Tractor $Co.$ A physical count of the inventory at the end of the year reveals that $72$ are still on hand.

$\backslash$table$[[$Purchases$,],[$Date$,$Units,Price,Total Cost,Sales,,,,,$],[$Jan $10,8,$$$50,$$$400,$Date,Units,,,,$],[$Feb $15,140,$$$45,$$$6,300,$Feb $10,6,,,,],[$July $3,53,$$$60,$$$3,180,$Apr $1,120,,,,],[$Nov $1,112,$$$57,$$$6,384,$Aug $10,72,,,,],[$Total$,313,,$$$16,264,$Nov $15,43,,,,]]$