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Vaughn Company's record of transactions concerning part X for the month of April was as follows. April 1 (balance on hand) 4 11 18 Purchases 26 30 250 @$5.60 550 5.71 450@ 5.94 350 @ 5.99 750 @ 6.27 350 @ 6.50 Average-cost per unit Sales April 5 12 27 28 450 350 1,100 150 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, e.g. 2.76)

Vaughn Company's record of transactions concerning part X for the month of April was as follows. April 1 (balance on hand) 4 11 18 Purchases 26 30 250 @$5.60 550 5.71 450@ 5.94 350 @ 5.99 750 @ 6.27 350 @ 6.50 Average-cost per unit Sales April 5 12 27 28 450 350 1,100 150 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, e.g. 2.76)

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 April 1 (balance on hand) 4 11 18 26 30 250 @ $5.60 550 5.71 450 @ 5.94 350 @ 5.99 750 @ 6.27 350 @ 6.50 Average-cost per unit $ Sales April 5 12 27 28 450 350 1,100 150 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, e.g. 2.76.) !!
Transcribed Image Text:Vaughn 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 30 250 @ $5.60 550 5.71 450 @ 5.94 350 @ 5.99 750 @ 6.27 350 @ 6.50 Average-cost per unit $ Sales April 5 12 27 28 450 350 1,100 150 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, e.g. 2.76.) !!
Compute the inventory at April 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 final answers to O decimal places, eg. $6,548.) Ending Inventory $ eTextbook and Media Ending Inventory $ (1) FIFO eTexthook and Madin 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) (1) FIFO (2) LIFO $ $ (2) LIFO (3) Average-cost (3) Average-cost
Transcribed Image Text:Compute the inventory at April 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 final answers to O decimal places, eg. $6,548.) Ending Inventory $ eTextbook and Media Ending Inventory $ (1) FIFO eTexthook and Madin 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) (1) FIFO (2) LIFO $ $ (2) LIFO (3) Average-cost (3) Average-cost
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