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Vaughn 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 Ending inventory 300 200 @ (1) FIFO 300 @ 300 @ 500 @ 300 5150 $12.50 12.60 12.75 12.80 12.80 12.90 (2) LIFO Sales September 4 17 27 30 Compute the inventory at September 30 on each of the following bases. Assume that perpetual inventory records are kept in unis only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to 0 decimal places, e.g. 6,548.) 5010 400 $ 600 300 200 (3) Average-cost

Vaughn 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 Ending inventory 300 200 @ (1) FIFO 300 @ 300 @ 500 @ 300 5150 $12.50 12.60 12.75 12.80 12.80 12.90 (2) LIFO Sales September 4 17 27 30 Compute the inventory at September 30 on each of the following bases. Assume that perpetual inventory records are kept in unis only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to 0 decimal places, e.g. 6,548.) 5010 400 $ 600 300 200 (3) Average-cost

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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Vaughn Company's record of transactions concerning part WA6 for the month of September was as follows: Purchases September 1 (balance on hand) 3 12 (b) 16 22 26 Ending inventory $ eTextbook and Media Save for Later (1) FIFO Ending inventory 300 @ $12.50 200 @ (1) FIFO 300 @ 300 @ 500 300 5150 12.60 $ 12.75 12.80 12.80 Compute the inventory at September 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to 0 decimal places, e.g. 6,548.) 12.90 (2) LIFO Sales September 4 17 (2) LIFO 5010 27 $ 30 400 600 300 200 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.) (3) Average-cost Attempts: 1 of 5 used Submit Answer (3) Average-cost
Transcribed Image Text:Vaughn Company's record of transactions concerning part WA6 for the month of September was as follows: Purchases September 1 (balance on hand) 3 12 (b) 16 22 26 Ending inventory $ eTextbook and Media Save for Later (1) FIFO Ending inventory 300 @ $12.50 200 @ (1) FIFO 300 @ 300 @ 500 300 5150 12.60 $ 12.75 12.80 12.80 Compute the inventory at September 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to 0 decimal places, e.g. 6,548.) 12.90 (2) LIFO Sales September 4 17 (2) LIFO 5010 27 $ 30 400 600 300 200 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.) (3) Average-cost Attempts: 1 of 5 used Submit Answer (3) Average-cost
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