Swifty Company's record of transactions concerning part X for the month of April was as follows.PurchasesApril 1 (balance on hand)411182630220520420$5.30@ 5.40320@5.60320 @720 @ 5.905.706.10SalesApril 5122728.4203201,040150 Your answer is partially correct.If 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 0 decimal places, e.g. 6,548.)Ending inventoryeTextbook and Media(1)FIFO(2)LIFO(3)Average cost

Perpetual Inventory System facilitates continuous stock checking. In this method, inventory is…

Swifty 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 30 220 520 @ $5.30 5.40 420 @ 5.60 320 @ 5.70 5.90 720 @ 320 @ 6.10 Sales April 5 12 27 28. 420 320 1,040 150

Swifty 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 30 220 520 @ $5.30 5.40 420 @ 5.60 320 @ 5.70 5.90 720 @ 320 @ 6.10 Sales April 5 12 27 28. 420 320 1,040 150

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 X for the month of April was as follows.
Purchases
April 1 (balance on hand)
4
11
18
26
30
220
520
420
$5.30
@ 5.40
320
@
5.60
320 @
720 @ 5.90
5.70
6.10
Sales
April 5
12
27
28.
420
320
1,040
150

Your answer is partially correct.
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.)
Ending inventory
eTextbook and Media
(1)
FIFO
(2)
LIFO
(3)
Average cost

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