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Sunland Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 4 11 18 26 30 320 @ $6.30 620 Ⓒ 6.40 6.70 520 @ 420 @ 6.70 820 @ 7.10 420 @ 7.30 Ending Inventory s Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 4 decimal places, e.g. 2.7682.) Average-cost per unit s April 5 12 27 28 Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to 0 decimal places, e.g. 6,548.) FIFO 520 420 1,240 150 $ (2) LIFO $ (3) Average-cost

Sunland Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 4 11 18 26 30 320 @ $6.30 620 Ⓒ 6.40 6.70 520 @ 420 @ 6.70 820 @ 7.10 420 @ 7.30 Ending Inventory s Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 4 decimal places, e.g. 2.7682.) Average-cost per unit s April 5 12 27 28 Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to 0 decimal places, e.g. 6,548.) FIFO 520 420 1,240 150 $ (2) LIFO $ (3) Average-cost

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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Problem 8-04 Sunland Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 11 18 26 30 320 @ $6.30 620 6.40 @ 520 6.70 @ 420 @ 6.70 820 @ 7.10 420 Ⓒ 7.30 Ending Inventory s Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 4 decimal places, e.g. 2.7682.) Average-cost per unit $ Ending Inventory s $ Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to 0 decimal places, e.g. 6,548.) (1) FIFO Sales April 5 (1) FIFO 12 27 520 420 1,240 28 150 $ 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 0 decimal places, e.g. 6,548.) (2) LIFO (3) Average-cost (2) LIFO (3) Average-cost
Transcribed Image Text:Problem 8-04 Sunland Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 11 18 26 30 320 @ $6.30 620 6.40 @ 520 6.70 @ 420 @ 6.70 820 @ 7.10 420 Ⓒ 7.30 Ending Inventory s Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 4 decimal places, e.g. 2.7682.) Average-cost per unit $ Ending Inventory s $ Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to 0 decimal places, e.g. 6,548.) (1) FIFO Sales April 5 (1) FIFO 12 27 520 420 1,240 28 150 $ 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 0 decimal places, e.g. 6,548.) (2) LIFO (3) Average-cost (2) LIFO (3) Average-cost
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