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Vaughn Company's record of transactions concerning part X for the month of April was as follow Sales Purchases April 1 (balance on hand) 340 @ $6.50 April 5 4 640 @ 6.60 12 11 540 @ 6.90 27 18 440 7.00 28 840@ 7.30 440 @ 7.50 26 30 540 440 1,280 150

Vaughn Company's record of transactions concerning part X for the month of April was as follow Sales Purchases April 1 (balance on hand) 340 @ $6.50 April 5 4 640 @ 6.60 12 11 540 @ 6.90 27 18 440 7.00 28 840@ 7.30 440 @ 7.50 26 30 540 440 1,280 150

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 X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 4 11 18 26 30 340 @ $6.50 640 @ 6.60 540 @ 6.90 440 @ 7.00 840@ 440 @ 7.30 7.50 April 5 12 27 28 540 440 1,280 150
Transcribed Image Text:Vaughn Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 4 11 18 26 30 340 @ $6.50 640 @ 6.60 540 @ 6.90 440 @ 7.00 840@ 440 @ 7.30 7.50 April 5 12 27 28 540 440 1,280 150
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 (1) FIFO 6147 (2) LIFO 5840 (3) Average-cost 5807
Transcribed Image Text: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 (1) FIFO 6147 (2) LIFO 5840 (3) Average-cost 5807
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