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If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory under (1) FIFO, (2) LIFO and (3) Average-cost? (Round average cost per unit to 4 decimal places, eg 2.7621 and final answers to O decimal places, e.g. 6,548) Ending inventory (1) FIFO 3400 (2) LIFO (3) Average-cost

If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory under (1) FIFO, (2) LIFO and (3) Average-cost? (Round average cost per unit to 4 decimal places, eg 2.7621 and final answers to O decimal places, e.g. 6,548) Ending inventory (1) FIFO 3400 (2) LIFO (3) Average-cost

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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Metlock Company's record of transactions concerning part X for the month of April was as follows. April 1 (balance on hand) 4 11 18 26 Purchases 30 290 (@ 590 @ 490 @ 790 @ $6.00 6.40 390 @ 6.40 6.70 390 6.10 7.00 Sales April 5 490 12 390 27 28 1,180 150
Transcribed Image Text:Metlock Company's record of transactions concerning part X for the month of April was as follows. April 1 (balance on hand) 4 11 18 26 Purchases 30 290 (@ 590 @ 490 @ 790 @ $6.00 6.40 390 @ 6.40 6.70 390 6.10 7.00 Sales April 5 490 12 390 27 28 1,180 150
If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory under (1) FIFO, (2) LIFO and (3) Average-cost? (Round average cost per unit to 4 decimal places, eg 2.7621 and final answers to 0 decimal places. e.g. 6,548.) Ending inventory (1) FIFO 3400 (2) LIFO (3) Average-cost
Transcribed Image Text:If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory under (1) FIFO, (2) LIFO and (3) Average-cost? (Round average cost per unit to 4 decimal places, eg 2.7621 and final answers to 0 decimal places. e.g. 6,548.) Ending inventory (1) FIFO 3400 (2) LIFO (3) Average-cost
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