From these data compute the ending inventory 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 $ LA (1) FIFO tA $ (2) LIFO $ LA (3) Average-cost
From these data compute the ending inventory 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 $ LA (1) FIFO tA $ (2) LIFO $ LA (3) Average-cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amounts
shown as ending inventory in (1), (2), and (3) above be the same? What amount would be shown as ending inventory? (Round
average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to O decimal places, e.g. 6,548.)
Would amount be same
Ending Inventory
$
(1)
FIFO
$
(2)
LIFO
$
(3)
Average-cost
Transcribed Image Text:Some of the information found on a detail inventory card for Crane Inc. for the first month of operations is as follows.
Date
January 2
7
10
13
18
20
23
26
28
31
Received
No. of Units
1,300
700
1,100
1,400
Ending Inventory
1,700
Average-cost per unit $
eTextbook and Media
Unit Cost
$3.03
3.23
$
3.33
3.43
3.54
Issued,
No. of Units
800
(1)
FIFO
600
400
1,100
900
Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)
1,400
Balance,
No. of Units
1,300
500
1,200
600
From these data compute the ending inventory 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.)
1,300
200
1,600
700
$
2,400
1,000
(2)
LIFO
(3)
Average-cost
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