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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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.
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