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 (a1) (a2) Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to 0 decimal places, e.g. 2,760.) LIFO $enter a dollar amount rounded to 0 decimal places Average-cost
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 (a1) (a2) Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to 0 decimal places, e.g. 2,760.) LIFO $enter a dollar amount rounded to 0 decimal places Average-cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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 |
(a1)
(a2)
Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to 0 decimal places, e.g. 2,760.)
|
LIFO
|
$enter a dollar amount rounded to 0 decimal places
|
|
|---|---|---|
|
Average-cost
|
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