Kingbird Company's record of transactions for the month of April was as follows. April 1 (balance on hand) 4 8372 13 21 29 (a1) Purchases 1,500 $5.10 3.750 @ 5.20 2,000 @ Average-cost per unit 3,000 @ 5.60 1,750 @ 5.70 1,250 @ 13,250 Your answer is incorrect. 5.50 5.90 April 3 9 11 23 27 Sales per unit 1,250 @ $10.00 3,500 @ 1,500 @ 3,000 @ 2,250@ 11,500 10.00 11.00 11.00 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) 12.00
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost.
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