Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

Managerial Accounting Tools For Business Decision Making

Authors: Strayer University

2010th Custom Edition

0470603534, 978-0470603536

More Books

Students also viewed these Accounting questions