Bonita Company's record of transactions for the month of April was as follows. 5) April 1 (balance on hand) 4 8 13 21 Purchases 29 780 @ $5.90 1.950@ 1,040 @ 1,560 @ 910 @ 650 @ 6,890 6.00 6.30 6.40 6.50 6.70 April 3 9 11 23 27 Sales 650 1,820 @$10.00 780 @ 1,560 @ 1,170 @ 5,980 10.00 11.00 11.00 12.00 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO
Bonita Company's record of transactions for the month of April was as follows. 5) April 1 (balance on hand) 4 8 13 21 Purchases 29 780 @ $5.90 1.950@ 1,040 @ 1,560 @ 910 @ 650 @ 6,890 6.00 6.30 6.40 6.50 6.70 April 3 9 11 23 27 Sales 650 1,820 @$10.00 780 @ 1,560 @ 1,170 @ 5,980 10.00 11.00 11.00 12.00 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format

Transcribed Image Text:Bonita Company's record of transactions for the month of April was as follows.
(b)
April 1 (balance on hand)
8
13
21
29
Purchases
Inventory
780 @ $5.90
(1)
FIFO
1,950@
1,040
1,560
910
G
6,890
@
6.00
6.30
6.40
6.50
650@ 6.70
April 3
(2)
LIFO
9
11
23
27
Sales
650
1,820 @
780
1,560 @
1,170 @
5,980
$10.00
10.00
11.00
Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO.
11.00
12.00
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