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Novak Companys record of transactions concerning part X for the month of April was as follows. A1 Purchases Sales April 1 (balance on hand) 440
Novak Companys record of transactions concerning part X for the month of April was as follows.
A1
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 |
A2
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. (Round final answers to 0 decimal places, e.g. 6,548.)
(1) FIFO | (2) LIFO | (3) Average-cost | ||||
Ending Inventory | $ | $ | $ |
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