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I got the answer 70)c and 71)b are these answers correct? Transactions for the month of June were: Purchases (balance) 400 @ $3.20 June 1
I got the answer 70)c and 71)b are these answers correct?
Transactions for the month of June were: Purchases (balance) 400 @ $3.20 June 1 3 7 15 22 1,100 @ 3.10 600 @ 3.30 900 @ 3.40 250 @ 3.50 June 2 6 9 10 18 25 Sales 300 @ $5.50 800 @ 5.50 500 @ 5.50 200 @ 6.00 700 @ 6.00 150@ 6.00 70. 71. Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is a. $1,900. b. $1 ,920. c. $2,065. d. $2,100. Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is a. $1,980. b. $1,956. c. $1,970. d. $1,995. Transactions for the month of June were: Purchases (balance) 400 @ $3.20 June 1 3 7 15 22 1,100 @ 3.10 600 @ 3.30 900 @ 3.40 250 @ 3.50 June 2 6 9 10 18 25 Sales 300 @ $5.50 800 @ 5.50 500 @ 5.50 200 @ 6.00 700 @ 6.00 150@ 6.00 70. 71. Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is a. $1,900. b. $1 ,920. c. $2,065. d. $2,100. Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is a. $1,980. b. $1,956. c. $1,970. d. $1,995.
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