Kingbird Company’s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 1,500 @ $5.10 April 3 1,250 @ $10.00 4 3,750 @ 5.20 9 3,500 @ 10.00 8 2,000 @ 5.50 11 1,500 @ 11.00 13 3,000 @ 5.60 23 3,000 @ 11.00 21 1,750 @ 5.70 27 2,250 @ 12.00 29 1,250 @ 5.90 11,500 13,250 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO.

Kingbird Company’s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 1,500 @ $5.10 April 3 1,250 @ $10.00 4 3,750 @ 5.20 9 3,500 @ 10.00 8 2,000 @ 5.50 11 1,500 @ 11.00 13 3,000 @ 5.60 23 3,000 @ 11.00 21 1,750 @ 5.70 27 2,250 @ 12.00 29 1,250 @ 5.90 11,500 13,250 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO.

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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Purchases		Sales
April 1	(balance on hand)		1,500	@	$5.10	April 3	1,250	@	$10.00
4			3,750	@	5.20	9	3,500	@	10.00
8			2,000	@	5.50	11	1,500	@	11.00
13			3,000	@	5.60	23	3,000	@	11.00
21			1,750	@	5.70	27	2,250	@	12.00
29			1,250	@	5.90		11,500
			13,250

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