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Jalloh Companys record of transactions concerning part X for the month of April was as follows. Purchases sales Purchases April 1 (balance on hand) 350
Jalloh Companys record of transactions concerning part X for the month of April was as follows.
Purchases | sales |
Purchases April 1 (balance on hand) 350 @ $6.60 | April 5 550 |
April 4 650 @ 6.73 | April 12 450 |
April 11 550 @ 7.00 | April 27 1,300 |
April18 450 @ 7.06 | April 28 150 |
April 26 850 @ 7.39 | |
April 30 450 @ 7.66 | |
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.
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