Bonita Company's record of transactions for the month of April was as follows. April 1 (balance on hand) 4 8 13 21 Purchases 29 780 1,950 @ @ $5.90 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 @ $10.00 1,820 @ 780 @ 1,560 @ 1,170 @ 5,980 10.00 11.00 11.00 12.00

Bonita Company's record of transactions for the month of April was as follows. April 1 (balance on hand) 4 8 13 21 Purchases 29 780 1,950 @ @ $5.90 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 @ $10.00 1,820 @ 780 @ 1,560 @ 1,170 @ 5,980 10.00 11.00 11.00 12.00

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

Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO.

Current Attempt in Progress
Bonita Company's record of transactions for the month of April was as follows.
April 1 (balance on hand)
4
8
13
21
29
Purchases
(a1)
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 @ $10.00
1,820 @
780 @
1,170 @
10.00
1,560 @ 11.00
5,980
11.00
12.00

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