Use the following data to prepare card store by using Fifo method, Lifo method and av. cost: 1-1/6 The balance ( 30 ) unit in price ( 1000 )D. To unit. 2-2/7 Purchase ( 50 )unit in price (1100 )D. To unit. 3-7/8 Expend ( 40 Junit to the production. 4-11/9 purchase ( 35 )unit in price ( 1130 )D. To unit. 5-14/9 Expend ( 35 )unit to the production. 6-17/10 Purchase ( 25 ) unit in price (1135 )D. to unit.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question
Use the following data to prepare card store by using Fifo
method, Lifo method and av. cost :
1-1/6 The balance ( 30 ) unit in price ( 1000 )D. To unit.
2-2/7 Purchase ( 50 Junit in price (1100 )D. To unit .
3-7/8 Expend ( 40 Junit to the production.
4-11/9 purchase ( 35 )unit in price ( 1130 )D. To unit .
5-14/9 Expend ( 35 )unit to the production .
6-17/10 Purchase ( 25 ) unit in price (1135 )D. to unit.
Transcribed Image Text:Use the following data to prepare card store by using Fifo method, Lifo method and av. cost : 1-1/6 The balance ( 30 ) unit in price ( 1000 )D. To unit. 2-2/7 Purchase ( 50 Junit in price (1100 )D. To unit . 3-7/8 Expend ( 40 Junit to the production. 4-11/9 purchase ( 35 )unit in price ( 1130 )D. To unit . 5-14/9 Expend ( 35 )unit to the production . 6-17/10 Purchase ( 25 ) unit in price (1135 )D. to unit.
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education