Pillsbury Company's record of transactions concerning the month of September were as follows: Purchases September (beginning inventory) 1 3 12 16 22 26 300@ $12.00 200@ 12.10 300@ 300@ 12.25 12.30 500@ 12.30 300@ 12.40 Sales September 4 17 27 30 400 600 300 200 A. Compute the inventory at September 30 on each of the following bases. Assume that the company used the periodic method to report its inventory. Carry unit costs to the nearest cent. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average cost.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Topic Video
Question

Please do not give solution in image format thanku 

Pillsbury Company's record of transactions concerning the month of September were as
follows:
Sales
300@ $12.00 September 4
200@ 12.10
17
12
300@
12.25
27
16 300@
12.30
30
22
500@
12.30
26
300@ 12.40
Purchases
September (beginning inventory) 1
3
400
600
300
200
A. Compute the inventory at September 30 on each of the following bases. Assume that
the company used the periodic method to report its inventory. Carry unit costs to the
nearest cent.
(1) First-in, first-out (FIFO).
(2) Last-in, first-out (LIFO).
(3) Average cost.
Transcribed Image Text:Pillsbury Company's record of transactions concerning the month of September were as follows: Sales 300@ $12.00 September 4 200@ 12.10 17 12 300@ 12.25 27 16 300@ 12.30 30 22 500@ 12.30 26 300@ 12.40 Purchases September (beginning inventory) 1 3 400 600 300 200 A. Compute the inventory at September 30 on each of the following bases. Assume that the company used the periodic method to report its inventory. Carry unit costs to the nearest cent. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average cost.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps

Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education