Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Vaughn Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 1,140 @ $6.00 2,850 @ 6.08

image text in transcribed
image text in transcribed
image text in transcribed
Vaughn Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 1,140 @ $6.00 2,850 @ 6.08 1,520 @ 6.40 2,280 @ 6,50 1,330 @ 6.60 950 @ 6.79 10,070 Sales April 3 950 @ $10.00 9 2,660 @ 10.00 11 1.140 @ 11.00 23 2,280 @ 11.00 27 1,710 @ 12.00 8,740 (a 1) Your answer is correct. Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, es 2.78) Average-cost per units 6,35 per unit e Textbook and Media Atrastored Your answer is correct. Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, eg. 2.76.) Average-cost per unit $ 6.35 per unit eTextbook and Media Attempts: 1 of 3 used (a2) Your answer is correct. Assuming that periodic inventory records are kept in units only.compute the inventory at April 30 using LIFO and average-cost. (Round answer to O decimal places, e.g. 2.760.) LIFO $ Average-cost $ 7995.20 8445.50 e Textbook and Media Attempts: 1 of 3 used Attempts: 1 of 3 used (b) Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. (Round answer to 0 decimal places, e.g. 2,760.) (1) FIFO (2) LIFO Inventory $ eTextbook and Media Attempts: 0 of 3 used

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