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.)

Name: PurchasesSalesApril 1 (balance on hand) 100@R$5.00 ||April 5 3004400
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Description: PurchasesSalesApril 1 (balance on hand) 100@R$5.00 ||April 5 3004400 @5.1012 20011300 @5.3027 80018200 @5.3528|150|26600 @5.6030200@5.80Instructions(a). Compute the inventory at April 30 on each of thefollowing bases. Assume that perpetual inventory

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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