Perpetual: LIFO and Moving-Average The beginning inventory, purchases, and sales for Myrl Sign Company for the month of April are shown, Date Beginning Inventory and Purchases Sales Units Cost/Unit Units April 1 (BI) 100 $4.20 100 4.60 200 4.80 April 20 400 5.60 April 30 650 BI: Beginning Inventory Required: Calculate the total amount to be assigned to cost of goods sold for April and the ending inventory on April 30, under each of the following methods. In your calculations round the average unit cost to the nearest cent and answers to the nearest dollar. Cost of Goods Sold Inventory on Hand 1. Perpetual LIFO inventory method 2. Perpetual moving-average inventory method

College Accounting, Chapters 1-27
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Chapter13A: Perpetual Inventory Method: Lifo And Moving-average Methods
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Problem 2SPA: PERPETUAL: LIFO AND MOVING-AVERAGE Kelley Company began business on January 1, 20-1. Purchases and...
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Perpetual: LIFO and Moving-Average
The beginning inventory, purchases, and sales for Myrl Sign Company for the month of April are shown.
Date
Beginning Inventory and Purchases
Sales
Units
Cost/Unit
Units
April 1 (BI)
100
$4.20
100
4.60
200
4.80
April 20
400
5.60
April 30
650
BI: Beginning Inventory
Required:
Calculate the total amount to be assigned to cost of goods sold for April and the ending inventory on April 30, under each of the following methods. In your calculations
round the average unit cost to the nearest cent and answers to the nearest dollar.
Cost of Goods Sold
Inventory on Hand
1. Perpetual LIFO inventory method
2. Perpetual moving-average inventory method
Transcribed Image Text:Perpetual: LIFO and Moving-Average The beginning inventory, purchases, and sales for Myrl Sign Company for the month of April are shown. Date Beginning Inventory and Purchases Sales Units Cost/Unit Units April 1 (BI) 100 $4.20 100 4.60 200 4.80 April 20 400 5.60 April 30 650 BI: Beginning Inventory Required: Calculate the total amount to be assigned to cost of goods sold for April and the ending inventory on April 30, under each of the following methods. In your calculations round the average unit cost to the nearest cent and answers to the nearest dollar. Cost of Goods Sold Inventory on Hand 1. Perpetual LIFO inventory method 2. Perpetual moving-average inventory method
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