The box that is red is wrong. Since $4536 is the wrong answer, LIFO is what I am looking for. Thank you in advance. Bonita Company's record of transactions concerning part X for the month of April was as follows.April 1 (balance on hand)4111826Purchases30280580 @ 6.00480 @380 @780$5.903806.306.306.606.80SalesApril 51227284803801,160150 Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only.(1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to O decimal places, e.g. 6,548.)Ending inventory(1)FIFO4762$LA(2)LIFO4536(3)Average-cost4507

LIFO stands for last in first out. Here the latest inventory are assumed to be sold first.

Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to O decimal places, e.g. 6,548.) Ending inventory $ (1) FIFO 4762 $ (2) LIFO 4536 $ (3) Average-cost 4507

Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to O decimal places, e.g. 6,548.) Ending inventory $ (1) FIFO 4762 $ (2) LIFO 4536 $ (3) Average-cost 4507

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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I am having troubke understanding how to find the ending inventory. Would you mind helping me with that?
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Please answer this question. Do not copy from others. Thanks!