Skysong Company's record of transactions for the month of April was as follows.Assuming that perpetual inventory records are kept in dollars, determine the inventoryusing (1) FIFO and (2) LIFO.PurchasesSales(1)FIFOApril 1 (balance on hand)1,800 @ $5.60April 31,500 @ $10.0044,500 @Inventory$$5.7094,200 @10.008222,400 @ 6.00111,800 @11.00eTextbook and Media133,600 @6.10233,600 @11.00212,100 @6.20272,700 @12.00Save for Later291,500 @ 6.4013,80015,900(c)(2)LIFOAttempts: 0 of 3 usedSubmit Answer

FIFO Method :- FIFO method means first in first outIn this method inventory valuation is based on…

kysong Company's record of transactions for the month of April was as follows. Assuming that perpetual inventory records are kept in dollars, determine th using (1) FIFO and (2) LIFO. Purchases Sales (1) (2) FIFO LIFO April 1 (balance on hand) 1,800 @ $5.60 April 3 1,500 @ $10.00 4,500 @ 5.70 9 4,200 @ Inventory $ $ 10.00 8 2,400 @ 6.00 11 1,800 @ 11.00 13 3,600 @ eTextbook and Media 6.10 23 3,600 @ 11.00 21 2,100 6.20 27 2,700 @ 12.00 Save for Later 29 1,500 6.40 13,800 Attempts: 0 of 3 used 15,900 (c)

kysong Company's record of transactions for the month of April was as follows. Assuming that perpetual inventory records are kept in dollars, determine th using (1) FIFO and (2) LIFO. Purchases Sales (1) (2) FIFO LIFO April 1 (balance on hand) 1,800 @ $5.60 April 3 1,500 @ $10.00 4,500 @ 5.70 9 4,200 @ Inventory $ $ 10.00 8 2,400 @ 6.00 11 1,800 @ 11.00 13 3,600 @ eTextbook and Media 6.10 23 3,600 @ 11.00 21 2,100 6.20 27 2,700 @ 12.00 Save for Later 29 1,500 6.40 13,800 Attempts: 0 of 3 used 15,900 (c)

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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