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Some of the information found on a detail inventory card for Sheffield Inc. for the first month of operations is as follows. Received Date January 2 No. of Units 1,400 Unit Cost $4.47 Issued, No. of Units Balance, No. of Units 1,400 roo

Some of the information found on a detail inventory card for Sheffield Inc. for the first month of operations is as follows. Received Date January 2 No. of Units 1,400 Unit Cost $4.47 Issued, No. of Units Balance, No. of Units 1,400 roo

FINANCIAL ACCOUNTING
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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Some of the information found on a detail inventory card for Sheffield Inc. for the first month of operations is as follows. Date January 2 7 10 13 18 20 23 26 28 31 Received No. of Units: 1,400 800 1,200 1.500 1,800 Unit Cost $4.47 4.77 4.92 5.07 5.22 Issued, No. of Units 900 700 500 1,100 1,000 1,500 Balance, No. of Units 1,400 500 1.300 600 1,300 200 1,700 700 2,500 1,000
Transcribed Image Text:Some of the information found on a detail inventory card for Sheffield Inc. for the first month of operations is as follows. Date January 2 7 10 13 18 20 23 26 28 31 Received No. of Units: 1,400 800 1,200 1.500 1,800 Unit Cost $4.47 4.77 4.92 5.07 5.22 Issued, No. of Units 900 700 500 1,100 1,000 1,500 Balance, No. of Units 1,400 500 1.300 600 1,300 200 1,700 700 2,500 1,000
If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amounts shown as ending inventory in (1), (2), and (3) above be the same? What amount would be shown as ending inventory? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.) Would amount be same Ending inventory (1) FIFO Yes (2) LIFO No (3) Average-cost No
Transcribed Image Text:If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amounts shown as ending inventory in (1), (2), and (3) above be the same? What amount would be shown as ending inventory? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.) Would amount be same Ending inventory (1) FIFO Yes (2) LIFO No (3) Average-cost No
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