Bonita Company's record of transactions concerning part X for the month of April was as follows.April 1 (balance on hand)4111826Purchases30280580 (@380 (@$5.90480 @ 6.307806.006.306.60380 (@ 6.80SalesApril 51227284803801,160150 Your answer is partially correct.If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would beshown as ending inventory under (1) FIFO, (2) LIFO and (3) Average-cost? (Round average cost per unit to 4 decimal places, e.g.2.7621 and final answers to O decimal places, e.g. 6,548.)Ending inventory(1)FIFO4762(2)LIFO4536(3)Average-cost4507

Weighted Average Method :— It is one of the method of inventory valuation in which it is assumed…

Bonita Company's record of transactions concerning part X for the month of April was as follows. April 1 (balance on hand) 4 11 18 26 Purchases 30 280 @ $5.90 580 @ 480 @ 380 @ 780 @ 380 E 6.00 6.30 6.30 6.60 6.80 Sales April 5 12 27 28 480 380 1,160 150

Bonita Company's record of transactions concerning part X for the month of April was as follows. April 1 (balance on hand) 4 11 18 26 Purchases 30 280 @ $5.90 580 @ 480 @ 380 @ 780 @ 380 E 6.00 6.30 6.30 6.60 6.80 Sales April 5 12 27 28 480 380 1,160 150

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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Question

Bonita Company's record of transactions concerning part X for the month of April was as follows.
April 1 (balance on hand)
4
11
18
26
Purchases
30
280
580 (@
380 (@
$5.90
480 @ 6.30
780
6.00
6.30
6.60
380 (@ 6.80
Sales
April 5
12
27
28
480
380
1,160
150

Your answer is partially correct.
If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be
shown as ending inventory under (1) FIFO, (2) LIFO and (3) Average-cost? (Round average cost per unit to 4 decimal places, e.g.
2.7621 and final answers to O decimal places, e.g. 6,548.)
Ending inventory
(1)
FIFO
4762
(2)
LIFO
4536
(3)
Average-cost
4507

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