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
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 3PEA: Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual...
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