Purchases Sales April 1 (balance on hand) 100 @R$5.00 ||April 5 300 4 400 @ 5.10 12 200 300 @ 200 @ 11 5.30 27800 28 150 5.35 5.60 18 26 600 @ 30 |200@ 5.80 Instructions (a). Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (Carry unit costs to the nearest cent.) (1). First-in, first-out (FIFO). (ii). Average-cost. (b). If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory in 1, and 2 above? (Carry average unit costs to four decimal places.)
Purchases Sales April 1 (balance on hand) 100 @R$5.00 ||April 5 300 4 400 @ 5.10 12 200 300 @ 200 @ 11 5.30 27800 28 150 5.35 5.60 18 26 600 @ 30 |200@ 5.80 Instructions (a). Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (Carry unit costs to the nearest cent.) (1). First-in, first-out (FIFO). (ii). Average-cost. (b). If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory in 1, and 2 above? (Carry average unit costs to four decimal places.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
![Purchases
Sales
April 1 (balance on hand) 100@R$5.00 ||April 5 300
4
400 @
5.10
12 200
11
300 @
5.30
27 800
18
200 @
5.35
28|150|
26
600 @
5.60
30
200@
5.80
Instructions
(a). Compute the inventory at April 30 on each of the
following bases. Assume that perpetual inventory records
are kept in units only. (Carry unit costs to the nearest
cent.)
(1). First-in, first-out (FIFO).
(i). Average-cost.
(b). If the perpetual inventory record is kept in dollars, and
costs are computed at the time of each withdrawal, what
amount would be shown as ending inventory in 1, and 2
above? (Carry average unit costs to four decimal places.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9b931bcd-8702-4f06-9297-0ce044c1451e%2F44c9fa47-31aa-407d-a96c-46b38d0a8da7%2Fanqaqae_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Purchases
Sales
April 1 (balance on hand) 100@R$5.00 ||April 5 300
4
400 @
5.10
12 200
11
300 @
5.30
27 800
18
200 @
5.35
28|150|
26
600 @
5.60
30
200@
5.80
Instructions
(a). Compute the inventory at April 30 on each of the
following bases. Assume that perpetual inventory records
are kept in units only. (Carry unit costs to the nearest
cent.)
(1). First-in, first-out (FIFO).
(i). Average-cost.
(b). If the perpetual inventory record is kept in dollars, and
costs are computed at the time of each withdrawal, what
amount would be shown as ending inventory in 1, and 2
above? (Carry average unit costs to four decimal places.)
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