Answered step by step
Verified Expert Solution
Question
1 Approved Answer
PLEASE ANSWER CORRECTLY! WILL UPVOTE! THE LIFO IS NOT 8,115 AND AVERAGE COST IS NOT 8,399 Problem 8-04 Splish Company's record of transactions concerning part
PLEASE ANSWER CORRECTLY! WILL UPVOTE! THE LIFO IS NOT 8,115 AND AVERAGE COST IS NOT 8,399
Problem 8-04 Splish Company's record of transactions concerning part X for the month of April was as follows. April Purchases 1 (balance on hand) 4 Sales April 5 630 12 530 27 1,460 28 150 11 430 @ $7.40 730 @ 7.50 630 @ 7.80 530 @ 7.90 930 @ 8.30 530 @ 8.60 18 26 30 Your answer is correct. Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 4 decimal places, e.g. 2.7682.) Average-cost per unit 7.9458 LINK TO TEXT Your answer is partially correct. 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 8,542 8,015 Your answer is correct. 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 o decimal places, e.g. 6,548.) (1) FIFO (2) LIFO (3) Average-cost Ending Inventory 8,542 8,115 8,399 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Question Attempts: UnlimitedStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started