Skysong Company's record of transactions for the month of April was as follows. Purchases Sales Assuming that perpetual inventory records are kept in dollars, de using (1) FIFO and (2) LIFO. April 1 (balance on hand) 1,800 $5.60 April 3 1,500 @ $10.00 4 4,500 @ 5.70 9 4,200 @ 10.00 (1) FIFO (2) LIFO 8 2,400 @ 6.00 11 1,800 @ 11.00 Inventory $ 13 3,600 @ 6.10 23 3,600 @ 11.00 21 22 2,100 @ 6.20 27 2,700 @ 12.00 eTextbook and Media 29 1,500 @ 6.40, 13,800 Save for Later 15,900 Attempts: 0

Skysong Company's record of transactions for the month of April was as follows. Purchases Sales Assuming that perpetual inventory records are kept in dollars, de using (1) FIFO and (2) LIFO. April 1 (balance on hand) 1,800 $5.60 April 3 1,500 @ $10.00 4 4,500 @ 5.70 9 4,200 @ 10.00 (1) FIFO (2) LIFO 8 2,400 @ 6.00 11 1,800 @ 11.00 Inventory $ 13 3,600 @ 6.10 23 3,600 @ 11.00 21 22 2,100 @ 6.20 27 2,700 @ 12.00 eTextbook and Media 29 1,500 @ 6.40, 13,800 Save for Later 15,900 Attempts: 0

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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