Novak Company’s record of transactions for the month of April was as follows. Purchases   Sales April 1 (balance on hand)   708 @ $5.00   April 3   590 @ $10.00 4     1,770 @ 5.09   9   1,652 @ 10.00 8     944 @ 5.38   11   708 @ 11.00 13     1,416 @ 5.48   23   1,416 @ 11.00 21     826 @ 5.68   27   1,062 @ 12.00 29     590 @ 5.87       5,428           6,254                           Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per unit   $    per unit     LINK TO TEXT       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   $   Average-cost   $

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is