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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

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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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
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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