Subject:- accounting Skysong Company's record of transactions concerning part X for the month of April was as follows.PurchasesApril 1 (balance on hand)4(a2)(a1)11182630Average-cost per unit250550 @Your Answer Correct Answer (Used)$450 @Ending Inventory $350 @750 @350x Your answer is incorrect.$5.605.705.906.006.306.50(1)FIFO6.0333SalesApril 5Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 4 decimal places,eg. 2.7682)4156122728450350S1,100Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units on(1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO), (3) Average-cost. (Round final answers to 0 decimal places, eg 6.548.)1504(2)LIFO3961(3)Average-cost4098

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Description: Subject:- accounting Skysong Company's record of transactions concerning part X for the month of April was as follows.PurchasesApril 1 (balance on hand)4(a2)(a1)11182630Average-cost per unit250550 @Your Answer Correct Answer (Used)$450 @Ending Invent

The LIFO method states that the most recent purchases are sold first. The inventory under LIFO…

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Accounting

Skysong Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) (a1) 4 11 18. 26 30 Your Answer 250 550 450 @ 350 e 750 350 Correct Answer (Used) $5.60 5.70 5.90 6.00 6.30 6.50 Sales April 5 12 27 28 450 350 1,100 150

Skysong Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) (a1) 4 11 18. 26 30 Your Answer 250 550 450 @ 350 e 750 350 Correct Answer (Used) $5.60 5.70 5.90 6.00 6.30 6.50 Sales April 5 12 27 28 450 350 1,100 150

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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Oriole Company's record of transactions concerning part WA6 for the month of September was as follows. Purchases September 1 (balance on hand) 3 (a1) نا 12 292 2 16 300 200 @ 300 @ 300 @ 500 @ 300 @ $13.00 Average-cost per unit $ @ 13.10 13.25 13.30 13.30 13.40 Sales September 4 17 27 30 400 600 300 200 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, eg. 2.76.)
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Swifty Company's record of transactions concerning part WA6 for the month of September was as follows: September 1 (balance on hand) 3 (a1) (a2) (b) 12 16 22 26 Purchases Ending inventory 300 tA 200 @ 300 300 500 300 $11.20 (1) FIFO 11.30 11.45 11.50 11.50 11.60 Sales CA September 4 17 (2) LIFO 27 30 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 under (1) FIFO, (2) LIFO and (3) Average-cost? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 2 decimal places, e.g. 6,548.25.) 400 600 300 200 LA (3) Average-cost
(FIFO, LIFO and Average-Cost Determination) John Adams Company’s record of transactions for the month of April was as follows. PurchasesSalesApril 1 (balance on hand) 4813 21 29600 @ $6.00 1,500 @ 6.08 800 @ 6.40 1,200 @ 6.50 700 @ 6.60 500 @ 6.795,300 April 3 911 23 27500 @ $10.00 1,400 @ 10.00 600 @ 11.00 1,200 @ 11.00 900 @ 12.004,600nstructions a. Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using (1) LIFO and (2) average-cost.b. Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO.c. Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO. d. In an inflationary period, which inventory method—FIFO, LIFO, average-cost—will show the high-est net income?
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