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)12162226PurchasesEnding inventory300tA200 @300300500300$11.20(1)FIFO11.3011.4511.5011.5011.60SalesCASeptember 417(2)LIFO2730If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would beshown 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.)400600300200LA(3)Average-cost

Ending inventory of a firm is reported on the statement of financial position, however, the…

Swifty Company's record of transactions concerning part WA6 for the month of September was as follows: Purchases September 1 (balance on hand) 3 12 16 22 26 300 @ $11.20 200 @ 300 @ 300 @ 500 @ 300 11.30 11.45 11.50 11.50 11.60 Sales September 4 17 27 30 400 600 300 200

Swifty Company's record of transactions concerning part WA6 for the month of September was as follows: Purchases September 1 (balance on hand) 3 12 16 22 26 300 @ $11.20 200 @ 300 @ 300 @ 500 @ 300 11.30 11.45 11.50 11.50 11.60 Sales September 4 17 27 30 400 600 300 200

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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Question

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

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