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mpany Purchases September 1 (balance on hand) 12 16 22 26 300 200 300 300 5000 300 $11.40 11.50 11.65 11.70 11.70 11.80 Sales (2) September 4 17 27 30 400 600 300 200 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, eg 2.76 and final answers to O decimal places, e.g. 6.548.) (3)

mpany Purchases September 1 (balance on hand) 12 16 22 26 300 200 300 300 5000 300 $11.40 11.50 11.65 11.70 11.70 11.80 Sales (2) September 4 17 27 30 400 600 300 200 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, eg 2.76 and final answers to O decimal places, e.g. 6.548.) (3)

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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Concord Company's record of transactions concerning part WA6 for the month of September was as follows: Purchases September 1 (balance on hand) 12 16 22 26 Ending inventory . $ 300 (1) FIFO 200 300 300 500 300 @ @0 $11.40 11.50 11.65 11.70 11.70 11.80 Sales September 4 (2) LIFO 17 27 30 400 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, eg 2.76 and final answers to O decimal places, e.g. 6.548) 600 300 200 (3) Average-cost
Transcribed Image Text:Concord Company's record of transactions concerning part WA6 for the month of September was as follows: Purchases September 1 (balance on hand) 12 16 22 26 Ending inventory . $ 300 (1) FIFO 200 300 300 500 300 @ @0 $11.40 11.50 11.65 11.70 11.70 11.80 Sales September 4 (2) LIFO 17 27 30 400 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, eg 2.76 and final answers to O decimal places, e.g. 6.548) 600 300 200 (3) Average-cost
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