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Concord Company's record of transactions concerning part WA6 for the month of September was as follows: September 1 (balance on hand) 3 12 16 22 Purchases 26 300 200 @ 300 @ $11.40 11.50 11.65 300 @ 11.70 500 @ 11.70 300 @ 11.80 Sales September 4 17 27 30 400 600 300 200

Concord Company's record of transactions concerning part WA6 for the month of September was as follows: September 1 (balance on hand) 3 12 16 22 Purchases 26 300 200 @ 300 @ $11.40 11.50 11.65 300 @ 11.70 500 @ 11.70 300 @ 11.80 Sales September 4 17 27 30 400 600 300 200

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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am. 112.

Your answer is incorrect. Compute the inventory at September 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 average cost per unit to 2 decimal places, eg.2.76 and final answers to 0 decimal places, eg. 6,548) Ending inventory (1) FIFO (2) LIFO (3) Average-cost
Transcribed Image Text:Your answer is incorrect. Compute the inventory at September 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 average cost per unit to 2 decimal places, eg.2.76 and final answers to 0 decimal places, eg. 6,548) Ending inventory (1) FIFO (2) LIFO (3) Average-cost
Concord Company's, record of transactions concerning part WA6 for the month of September was as follows: Purchases September 1 (balance on hand) 3 12 16 22 26 Sales 300 @ $11.40 September 4 200 @ 11.50 17 300 @ 300 @ 500 @ 300 @ 11.65 11.70 11.70 11.80 400 600 300 27 30 200
Transcribed Image Text:Concord Company's, record of transactions concerning part WA6 for the month of September was as follows: Purchases September 1 (balance on hand) 3 12 16 22 26 Sales 300 @ $11.40 September 4 200 @ 11.50 17 300 @ 300 @ 500 @ 300 @ 11.65 11.70 11.70 11.80 400 600 300 27 30 200
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