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Coronado Company's record of transactions for the month of April was as follows. April 1 (balance on hand) A 8 13 21 (a2) 29 Average-cost per unit $ Purchases eTextbook and Medial LIFO Your answer is correct. Average-cost 960 @ $5.20 Inventory $ 2,400 @ 1,280 @ 1,920 @ 1,120 @ 800 @ (1) FIFO 8,480 5840 5.30 6227 5.60 5.70 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) 5.80 6.00 $ 5.56 per unit April 3 9 11 23 Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to 0 decimal places, eg. 2,760.) (2) LIFO 27 Sales 800 @$10.00 2,240 @ 10.00 960 @ 11.00 1,920 @ 11.00 1.440 @ 12.00 7,360 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. Attempts: 3 of 7 used

Coronado Company's record of transactions for the month of April was as follows. April 1 (balance on hand) A 8 13 21 (a2) 29 Average-cost per unit $ Purchases eTextbook and Medial LIFO Your answer is correct. Average-cost 960 @ $5.20 Inventory $ 2,400 @ 1,280 @ 1,920 @ 1,120 @ 800 @ (1) FIFO 8,480 5840 5.30 6227 5.60 5.70 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) 5.80 6.00 $ 5.56 per unit April 3 9 11 23 Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to 0 decimal places, eg. 2,760.) (2) LIFO 27 Sales 800 @$10.00 2,240 @ 10.00 960 @ 11.00 1,920 @ 11.00 1.440 @ 12.00 7,360 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. Attempts: 3 of 7 used

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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Coronado Company's record of transactions for the month of April was as follows. April 1 (balance on hand) 8 13 21 29 (a2) Average-cost per unit $ Purchases eTextbook and Media LIFO Your answer is correct. Average-cost 960 @ $5.20 2,400 @ 5.30 1,280 @ 5.60 Inventory $ 1,920 @ 1,120 @ (1) FIFO 8,480 800 @ 6.00 5.70 5840 5.80 6227 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) 5.56 per unit April 3 $ 9 11 482 (2) LIFO 23 Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to O decimal places, eg. 2,760) 27 Sales 800 @$10.00 2,240 @ 10.00 960 @ 1,920 @ 1.440 @ 7,360 11.00 11.00 12.00 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. Attempts: 3 of 7 used
Transcribed Image Text:Coronado Company's record of transactions for the month of April was as follows. April 1 (balance on hand) 8 13 21 29 (a2) Average-cost per unit $ Purchases eTextbook and Media LIFO Your answer is correct. Average-cost 960 @ $5.20 2,400 @ 5.30 1,280 @ 5.60 Inventory $ 1,920 @ 1,120 @ (1) FIFO 8,480 800 @ 6.00 5.70 5840 5.80 6227 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) 5.56 per unit April 3 $ 9 11 482 (2) LIFO 23 Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to O decimal places, eg. 2,760) 27 Sales 800 @$10.00 2,240 @ 10.00 960 @ 1,920 @ 1.440 @ 7,360 11.00 11.00 12.00 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. Attempts: 3 of 7 used
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