PLEASE HELP WITH THE VERY LAST BOX, INCLUDING EXPLAINING HOW TO GET THE ANSWER. Some of the information found on a detail inventory card for Skysong Inc. for the first month of operations is as follows. Received Date No. of Units Unit Cost Issued, No. of Units Balance, No. of Units January 2 1,300 $3.48 1,300 7 800 500 10 700 3.71 1,200 13 600 600 18 1,100 3.83 400 1,300 20 1,100 200 23 1,400 3.94 1,600 26 900 700 28 1,700 4.06 2,400 31 1,400 1,000 (a1) Your answer is correct. Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per unit 3.83 $ (a2) Your answer is correct. From these data compute the ending inventory 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 final answers to 0 decimal places, e.g. 6,548.) (1) FIFO (2) LIFO (3) Average-cost Ending Inventory $ 4,060 $ 3,480 $ 3,830 (b) Your answer is partially correct. If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amounts shown as ending inventory in (1), (2), and (3) above be the same? What amount would be shown as ending inventory? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.) (1) FIFO (2) LIFO (3) Average-cost Would amount be same YES NO NO Ending Inventory $ 4,060 $ 3,884 $ ?????????

PLEASE HELP WITH THE VERY LAST BOX, INCLUDING EXPLAINING HOW TO GET THE ANSWER. Some of the information found on a detail inventory card for Skysong Inc. for the first month of operations is as follows. Received Date No. of Units Unit Cost Issued, No. of Units Balance, No. of Units January 2 1,300 $3.48 1,300 7 800 500 10 700 3.71 1,200 13 600 600 18 1,100 3.83 400 1,300 20 1,100 200 23 1,400 3.94 1,600 26 900 700 28 1,700 4.06 2,400 31 1,400 1,000 (a1) Your answer is correct. Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per unit 3.83 $ (a2) Your answer is correct. From these data compute the ending inventory 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 final answers to 0 decimal places, e.g. 6,548.) (1) FIFO (2) LIFO (3) Average-cost Ending Inventory $ 4,060 $ 3,480 $ 3,830 (b) Your answer is partially correct. If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amounts shown as ending inventory in (1), (2), and (3) above be the same? What amount would be shown as ending inventory? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.) (1) FIFO (2) LIFO (3) Average-cost Would amount be same YES NO NO Ending Inventory $ 4,060 $ 3,884 $ ?????????

Name: PLEASE HELP WITH THE VERY LAST BOX, INCLUDING EXPLAINING HOW TO GET TH
Uploaded: 2024-03-20T06:32:37.000Z
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Description: PLEASE HELP WITH THE VERY LAST BOX, INCLUDING EXPLAINING HOW TO GET THE ANSWER. Some of the information found on a detail inventory card for Skysong Inc. for the first month of operations is as follows. Received Date No. of Units Unit Cost Issued

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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(a1) Your answer is correct.

Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)

Average-cost per unit

3.83

(a2) Your answer is correct.

From these data compute the ending inventory 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 final answers to 0 decimal places, e.g. 6,548.)

		(1) FIFO		(2) LIFO		(3) Average-cost
Ending Inventory		$ 4,060		$ 3,480		$ 3,830

(b) Your answer is partially correct.

If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amounts shown as ending inventory in (1), (2), and (3) above be the same? What amount would be shown as ending inventory? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.)

	(1) FIFO	(2) LIFO	(3) Average-cost
Would amount be same	YES	NO	NO
Ending Inventory	$ 4,060	$ 3,884	$ ?????????

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	Received
Date	No. of Units	Unit Cost	Issued, No. of Units	Balance, No. of Units
January 2	1,300	$3.48		1,300
7			800	500
10	700	3.71		1,200
13			600	600
18	1,100	3.83	400	1,300
20			1,100	200
23	1,400	3.94		1,600
26			900	700
28	1,700	4.06		2,400
31			1,400	1,000