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Just need help with part B. Thank you! Problem 8-5 (Part Level Submission) Some of the information found on a detail inventory card for Sheridan
Just need help with part B. Thank you!
Problem 8-5 (Part Level Submission) Some of the information found on a detail inventory card for Sheridan Inc. for the first month of operations is as follows Received Balance, Issued, No. of Units Date No. of Units Unit Cost No. of Units 1,500 500 1,400 600 1,300 200 1,800 700 2,600 1,000 January2 1,500 $4.56 1,000 4.86 10 13 18 20 23 26 28 31 900 800 600 1,100 1,300 5.02 1,600 5.17 1,100 1,900 5.32 1,600 (a1) Your answer is correct Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per unit 5.02 SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT (a2) Your answer is correct. From these data compute the ending inventory 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. (Round final answers to O decimal places, e.g. 6,548.) FIFO LIFO Average-cost Ending Inventory 5320 4560 5020 SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT Attempts: 1 of 2 used If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amounts shown as ending inventory in (1), (2), and (3) above be the same? What amount would be shown as ending inventory? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.) FIFO LIFO Average-cost Would amount be same Yes No # Ending Inventory 5320Step by Step Solution
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