Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Concord SA's record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 240 @
Concord SA's record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 240 @ R$ 5.50 April 5 440 4 540 @ 5.60 12 340 11 440 @ 5.80 27 1.080 18 340 @ 5.90 28 150 26 740 @ 6.20 30 340 6.40 (a1) Your answer is correct. Your answer is partially correct. If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory under: (1) Specific identification, (2) FIFO, and (3) Average-cost? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 2 decimal places, e.g. 6,548.25.) (1) Specific identification (2) FIFO (3) Average-cost Ending Inventory R$ 3974 R$ 3974 R$ 3739 e Textbook and Media Save for Later Attempts: 1 of 2 used Submit Answer Concord SA's record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 240 @ R$ 5.50 April 5 440 4 540 @ 5.60 12 340 11 440 @ 5.80 27 1.080 18 340 @ 5.90 28 150 26 740 @ 6.20 30 340 6.40 (a1) Your answer is correct. Your answer is partially correct. If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory under: (1) Specific identification, (2) FIFO, and (3) Average-cost? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 2 decimal places, e.g. 6,548.25.) (1) Specific identification (2) FIFO (3) Average-cost Ending Inventory R$ 3974 R$ 3974 R$ 3739 e Textbook and Media Save for Later Attempts: 1 of 2 used Submit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started