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Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out
Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only.
(1) First-in, first-out (FIFO):
(2) Last-in, first-out (LIFO):
(3) Average-cost:
Purchases April 1 (balance on hand) 4 340 640 $6.50 6.60 6.90 7.00 Sales April 5 540 12 440 27 1,280 28 150 11 540 440 18 @ 7.30 26 30 840 440 7.50 (a1) Your answer is correct. Calculate average-cost per unit. Assume that perpetual inventory records are kept in units on places, e.g. 2.7682.) Average-cost per unit $ 6.9975 Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO).(2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to 0 decimal places, e.g. 6,548.) (1) FIFO (2) LIFO (3) Average-cost $ 6147 $ 5840.00 $ 6055.04Step by Step Solution
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