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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb3a2290b-6fe9-4d8b-b88e-d8a30c18ef52%2Fa5d76a46-2a63-4262-ac9b-eea2cd570dda%2Fs63fqg_processed.png&w=3840&q=75)
Transcribed Image Text: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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