Q3.Ronaldo Company's record of transactions concerning part VF5 for the monthof September was as follows.PurchasesSalesSeptember 1 (balance on hand) 100 @ $5.00 September 5 300400 @ 5.1012 20027 80028 150411182630300 @ 5.30200 @5-35600 @ 5.60200 @ 5.80Instructionsa. Compute the inventory at September 30 on each of the following bases.Assume that perpetual inventory records are kept in units only. (Carry unitcosts to the nearest cent.)1. First-in, first-out (FIFO).2. Average-cost.3. Last-in, first-out (LIFO).

Solution: Computation of Closing inventory under perpetual inventory system is as fallows below: 1.…

Q3. Ronaldo Company's record of transactions concerning part VF5 for the month of September was as follows. Purchases Sales September 1 (balance on hand) 100 @ $5.00 September 5 300 4 400 @ 5.10 12 200 300@5.30 27 800 200@5-35 28 150 600 @ 5.60 200 @ 5.80 11 18 26 30 Instructions a. Compute the inventory at September 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). 2. Average-cost. 3. Last-in, first-out (LIFO).

Q3. Ronaldo Company's record of transactions concerning part VF5 for the month of September was as follows. Purchases Sales September 1 (balance on hand) 100 @ $5.00 September 5 300 4 400 @ 5.10 12 200 300@5.30 27 800 200@5-35 28 150 600 @ 5.60 200 @ 5.80 11 18 26 30 Instructions a. Compute the inventory at September 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). 2. Average-cost. 3. Last-in, first-out (LIFO).

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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