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Marigold Company's record of transactions concerning part WA6 for the month of September was as follows: September 1 (balance on hand) 3 2528 12 16 Purchases 26 Ending inventory $ 300 @ $11.30 11.40 Ending inventory $ 200 @ (1) FIFO 300 (1) FIFO 300 @ 11.55 300 11.60 500 @ 11.60 11.70 $ September 4 $ Sales (2) LIFO Compute the inventory at September 30 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 average cost per unit to 2 decimal places, e.g. 2.76 and final answers to 0 decimal places, e.g. 6,548.) 17 (2) LIFO 27 30 400 600 300 200 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, e.g. 2.7621 and final answers to 2 decimal places, e.g. 6,548.25.) $ (3) Average-cost $ (3) Average-cost

Marigold Company's record of transactions concerning part WA6 for the month of September was as follows: September 1 (balance on hand) 3 2528 12 16 Purchases 26 Ending inventory $ 300 @ $11.30 11.40 Ending inventory $ 200 @ (1) FIFO 300 (1) FIFO 300 @ 11.55 300 11.60 500 @ 11.60 11.70 $ September 4 $ Sales (2) LIFO Compute the inventory at September 30 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 average cost per unit to 2 decimal places, e.g. 2.76 and final answers to 0 decimal places, e.g. 6,548.) 17 (2) LIFO 27 30 400 600 300 200 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, e.g. 2.7621 and final answers to 2 decimal places, e.g. 6,548.25.) $ (3) Average-cost $ (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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Marigold Company's record of transactions concerning part WA6 for the month of September was as follows: September 1 (balance on hand) 3 2 2 2 2 12 16 22 Purchases Ending inventory $ Ending inventory 300 @ $11.30 200 (1) FIFO (1) FIFO 300 @ 300 @ 500 @ 11.40 11.55 11.60 11.60 300 @ 11.70 $ September 4 17 Sales Compute the inventory at September 30 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 average cost per unit to 2 decimal places, e.g. 2.76 and final answers to 0 decimal places, e.g. 6,548.) (2) LIFO 27 (2) LIFO 400 600 300 30 200 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, e.g. 2.7621 and final answers to 2 decimal places, e.g. 6,548.25.) $ (3) Average-cost $ (3) Average-cost
Transcribed Image Text:Marigold Company's record of transactions concerning part WA6 for the month of September was as follows: September 1 (balance on hand) 3 2 2 2 2 12 16 22 Purchases Ending inventory $ Ending inventory 300 @ $11.30 200 (1) FIFO (1) FIFO 300 @ 300 @ 500 @ 11.40 11.55 11.60 11.60 300 @ 11.70 $ September 4 17 Sales Compute the inventory at September 30 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 average cost per unit to 2 decimal places, e.g. 2.76 and final answers to 0 decimal places, e.g. 6,548.) (2) LIFO 27 (2) LIFO 400 600 300 30 200 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, e.g. 2.7621 and final answers to 2 decimal places, e.g. 6,548.25.) $ (3) Average-cost $ (3) Average-cost
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