was as follows. Asian company record their transactions concerning part X for the month of March Purchases Sales March 1 (balance on hand) 200@ RBD6.00 March 6 400 5 500@ 6.10 13 300 12 400@ 6.30 19 300@ 6.35 22 28 900 29 250 27 700@ 6.60 30 300@ 6.80 Instructions a. Compute the inventory at March 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (Carry unit costs to the nearest cent.) 1. Specific identification; ending inventory is comprised of 200 units from beginning inventory and 350 units from the March 27 purchase. 2. First-in, first-out (FIFO). 3. Average-cost. b. If the perpetual inventory record is kept in Dinar, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory in 1, 2, and 3 above? (Carry average unit costs to four decimal places.)

was as follows. Asian company record their transactions concerning part X for the month of March Purchases Sales March 1 (balance on hand) 200@ RBD6.00 March 6 400 5 500@ 6.10 13 300 12 400@ 6.30 19 300@ 6.35 22 28 900 29 250 27 700@ 6.60 30 300@ 6.80 Instructions a. Compute the inventory at March 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (Carry unit costs to the nearest cent.) 1. Specific identification; ending inventory is comprised of 200 units from beginning inventory and 350 units from the March 27 purchase. 2. First-in, first-out (FIFO). 3. Average-cost. b. If the perpetual inventory record is kept in Dinar, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory in 1, 2, and 3 above? (Carry average unit costs to four decimal places.)

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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