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Transactions for the month of June were: Purchases Sales June 1 (balance) 3,200@ $3.20 June 2 2,400 @ $5.50 3 8,800 @ 3.10 6 6,400 @ 5.50 7 4,800 @ 3.30 9 4,000 @ 5.50 15 7,200 @ 3.40 10 1,600 @ 6.00 22 2,000 @ 3.50 18 5,600 @ 6.00 25 800 @ 6.00 A. Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is a. $16,440. b. $16,640. c. $17,160. d. $17,880. B. Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is a. $16,440. b. $16,640. c. $17,160. d. $17,880. C. Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is a. $16,440. b. $16,640. c. $17,160. d. $17,880. D. Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is a. $16,384. b. $16,952. c. $17,160. d. $17,280. Show/explain your work. All parts must be answered for a thumbs-up.

Transactions for the month of June were: Purchases Sales June 1 (balance) 3,200@ $3.20 June 2 2,400 @ $5.50 3 8,800 @ 3.10 6 6,400 @ 5.50 7 4,800 @ 3.30 9 4,000 @ 5.50 15 7,200 @ 3.40 10 1,600 @ 6.00 22 2,000 @ 3.50 18 5,600 @ 6.00 25 800 @ 6.00 A. Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is a. $16,440. b. $16,640. c. $17,160. d. $17,880. B. Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is a. $16,440. b. $16,640. c. $17,160. d. $17,880. C. Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is a. $16,440. b. $16,640. c. $17,160. d. $17,880. D. Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is a. $16,384. b. $16,952. c. $17,160. d. $17,280. Show/explain your work. All parts must be answered for a thumbs-up.

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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Transactions for the month of June were: Purchases Sales June 1 (balance) 3,200@ $3.20 June 2 2,400 @ $5.50 3 8,800 @ 3.10 6 6,400 @ 5.50 7 4,800 @ 3.30 9 4,000 @ 5.50 15 7,200 @ 3.40 10 1,600 @ 6.00 22 2,000 @ 3.50 18 5,600 @ 6.00 25 800 @ 6.00 A. Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is a. $16,440. b. $16,640. c. $17,160. d. $17,880. B. Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is a. $16,440. b. $16,640. c. $17,160. d. $17,880. C. Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is a. $16,440. b. $16,640. c. $17,160. d. $17,880. D. Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is a. $16,384. b. $16,952. c. $17,160. d. $17,280. Show/explain your work. All parts must be answered for a thumbs-up.
Transcribed Image Text:Transactions for the month of June were: Purchases Sales June 1 (balance) 3,200@ $3.20 June 2 2,400 @ $5.50 3 8,800 @ 3.10 6 6,400 @ 5.50 7 4,800 @ 3.30 9 4,000 @ 5.50 15 7,200 @ 3.40 10 1,600 @ 6.00 22 2,000 @ 3.50 18 5,600 @ 6.00 25 800 @ 6.00 A. Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is a. $16,440. b. $16,640. c. $17,160. d. $17,880. B. Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is a. $16,440. b. $16,640. c. $17,160. d. $17,880. C. Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is a. $16,440. b. $16,640. c. $17,160. d. $17,880. D. Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is a. $16,384. b. $16,952. c. $17,160. d. $17,280. Show/explain your work. All parts must be answered for a thumbs-up.
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