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April 1 (balance on hand). 4 8222 13 21 Purchases 29 420 1,050 840 @ $5.30 560 @ 5.70 5.40 350 0 5.80 490 @ 5.90 6:10 April 3 9 11 23 27 Sales 350 980 420 840 @ 630 @ 0.000 $10.00 10.00 11.00 11.00 12.00

April 1 (balance on hand). 4 8222 13 21 Purchases 29 420 1,050 840 @ $5.30 560 @ 5.70 5.40 350 0 5.80 490 @ 5.90 6:10 April 3 9 11 23 27 Sales 350 980 420 840 @ 630 @ 0.000 $10.00 10.00 11.00 11.00 12.00

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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suming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. 4 Inventory (1) FIFO 2604 (2) LIFO 2961
Transcribed Image Text:suming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. 4 Inventory (1) FIFO 2604 (2) LIFO 2961
April 1 (balance on hand) 4 8 13 21 Purchases. 29 420 @ 1,050 @ 560 840 350 @ $5.30 3,710 5.40 5.70 490 @ 5.90 5.80 6.10 April 3 9 11 23 2 Sales 350 $10.00 980 @ 10.00 420 @ 840 @ 630 @ 3,220 11.00 11.00 12.00
Transcribed Image Text:April 1 (balance on hand) 4 8 13 21 Purchases. 29 420 @ 1,050 @ 560 840 350 @ $5.30 3,710 5.40 5.70 490 @ 5.90 5.80 6.10 April 3 9 11 23 2 Sales 350 $10.00 980 @ 10.00 420 @ 840 @ 630 @ 3,220 11.00 11.00 12.00
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