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$7.30 Coronado Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 420 Sales April 5 620 7200 7.45 12 520 11 620 @ 7.74 27 18 520@ 7.81 28 1,440 150 26 9200 8.18 30 520 @ 8.47 (a1) (82) 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. decimal places, e.g. $6,548.) (1) FIFO (2) LIFO (3) Average-cost Ending Inventory

$7.30 Coronado Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 420 Sales April 5 620 7200 7.45 12 520 11 620 @ 7.74 27 18 520@ 7.81 28 1,440 150 26 9200 8.18 30 520 @ 8.47 (a1) (82) 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. decimal places, e.g. $6,548.) (1) FIFO (2) LIFO (3) Average-cost Ending Inventory

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 concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 420 @$7.30 Sales April 5 620 4 720 @ 7.45 12 520 11 620 @ 7.74 18 520 7.81 27 28 1,440 150 26 30 920 @ 520 @ 8.18 8.47 (a1) (a2) 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. decimal places, e.g. $6,548.) Ending Inventory (1) FIFO (2) LIFO (3) Average-cost
Transcribed Image Text:Coronado Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 420 @$7.30 Sales April 5 620 4 720 @ 7.45 12 520 11 620 @ 7.74 18 520 7.81 27 28 1,440 150 26 30 920 @ 520 @ 8.18 8.47 (a1) (a2) 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. decimal places, e.g. $6,548.) Ending Inventory (1) FIFO (2) LIFO (3) Average-cost
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