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Q3. Rex Companys record of transactions for the month of September was as follows. Purchase Sales Date Quantity Unit Price Date Units Sep 1 (Balance
Q3. Rex Companys record of transactions for the month of September was as follows.
Purchase | Sales | |||
Date | Quantity | Unit Price | Date | Units |
Sep 1 | (Balance on hand) 100 | $5.00 | Sep 5 | 300 |
Sep 4 | 400 | 5.10 | Sep 12 | 200 |
Sep 11 | 300 | 5.30 | Sep 27 | 800 |
Sep 18 | 200 | 5.35 | Sep 28 | 150 |
Sep 26 | 600 | 5.60 |
|
|
Sep 30 | 200 | 5.80 |
|
|
Total | 1,800 |
|
| 1,450 |
| Total units (ending inventory) 350 |
|
Instructions:
Compute the ending inventory at September 30 on each of the following on periodic bases.
1. FIFO
2. LIFO
3. WA
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