Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Novak Companys record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 440 @

Novak Companys record of transactions concerning part X for the month of April was as follows.

Purchases

Sales

April 1 (balance on hand) 440 @ $7.50 April 5 640
4 740 @ 7.70 12 540
11 640 @ 8.00 27 1,480
18 540 @ 8.00 28 150
26 940 @ 8.40
30 540 @ 8.70

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 under (1) FIFO, (2) LIFO and (3) Average-cost? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.)

(1) FIFO

(2) LIFO

(3) Average-cost

Ending Inventory

$ ???

$ ???

$ ???

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

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions

Question

Write formal proposal requests.

Answered: 1 week ago

Question

Write an effective news release.

Answered: 1 week ago

Question

Identify the different types of proposals.

Answered: 1 week ago