Question
(FIFO,LIFO, and Average Cost Determination) LoBianco Company's record of transactions for the month of April was as follows. Purchases: April 1 (balance on hand) =
(FIFO,LIFO, and Average Cost Determination) LoBianco Company's record of transactions for the month of April was as follows.
Purchases:
April 1 (balance on hand) = 600 @ $600
April 4 = 1,500 @ 6.08
April 8 = 800 @ 6.40
April 13 = 1,200 @ 6.50
April 21 = 700 @ 6.60
April 29 = 500 @ 6.79
5,300
Sales:
April 3 = 500 @ $10.00
April 9 = 1,300 @ 10.00
April 11 = 600 @ 11.00
April 23 = 1,200 @ 11.00
Arpil 27 = 900 @ 12.00
4,500
(1) Assuming that perpetual inventory records are kept in both units and dollars, determine the inventory at April 30 using average cost?
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Auditing Cases An Interactive Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
5th edition
132567237, 978-0132998345, 132998343, 978-0132567237
