Please provide answer in text (Without image) Bonita Company's record of transactions concerning part X for the month of April was as follows.(a2)PurchasesApril 1 (balance on hand)11182630Your answer is partially correct.Ending inventoryeTextbook and MediaSave for Later280FIFO580480380 @$5.906.006.307806.60380 @ 6.8047626.30(2)LIFOSalesApril 51227Compute 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.)2845364803801,160.150(3)Average-costAttempts: 1 of 5 used Submit Answer

FIFO - It is a method of Inventory valuation in which goods received first is used first.LIFO - It…

Answered: Ending inventory FIFO 4762 (2) LIFO…

Business

Accounting

Ending inventory FIFO 4762 (2) LIFO 4536 (3) Average-cost

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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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Please provide answer in text (Without image)

Bonita Company's record of transactions concerning part X for the month of April was as follows.
(a2)
Purchases
April 1 (balance on hand)
11
18
26
30
Your answer is partially correct.
Ending inventory
eTextbook and Media
Save for Later
280
FIFO
580
480
380 @
$5.90
6.00
6.30
780
6.60
380 @ 6.80
4762
6.30
(2)
LIFO
Sales
April 5
12
27
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.)
28
4536
480
380
1,160.
150
(3)
Average-cost
Attempts: 1 of 5 used Submit Answer

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