Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I am very sorry to send back this question that because you just give me the solution without the way of the formula where did

image text in transcribed

I am very sorry to send back this question that because you just give me the solution without the way of the formula where did the numbers come from especially in FIFO, and Average-Cost. What I want is give me not only the solution in excel but the way of the formula of FIFO and Average-Cost. I hope the solution and the way make in Excel and I hope the solution you give me make me happy. Thanks

Melisa's record of transactions concerning part X for the month of September was as follows. Purchases Sales April 1 $5.00 April 5 300 4 5.10 12200 (balance on hand) 100 @ 400 @ 300 @ 200 @ 11 5.30 27 | 800 18 5.35 28 150 26 600 @ 5.60 30 200 @ 5.80 Required: a. Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (Carry unit costs to the nearest cent.) 1. Specific identification; ending inventory is comprised of 100 units from beginning inventory and 250 units from the April 26 purchase. 2. First-in, first-out (FIFO). 3. Average-cost. b. 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 in 1, 2, and 3 above? Explain the result! (Carry average unit costs to four decimal places, and total costs to two decimal places.) Please make a complete solution in Excel and give the formula way of the solution, so that I can understand the solution that you give. Thanks

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Tools for Business Decision Making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

5th Edition

9781118560952, 1118560957, 978-0470239803

More Books

Students also viewed these Accounting questions