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? (Roundaverage cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g.6,548.)ingntoryTouS(1)FIFO4559tA$(2)LIFOLA(3)Average-cost Windsor Company's record of transactions concerning part X for the month of April was as follows.PurchasesApril 1 (balance on hand)11182630270 @ $5.80570 @ 5.904703706.106.206.50370 @ 6.70770 @SalesApril 51237027 1,14015047028

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Description: 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? (Roundaverage cost per unit to 4 decimal places

Inventory valuation refers to the process of assigning a monetary value to the inventory of a…

Business

Accounting

Windsor Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 11 18 26 30 270 570 @ 470 @ 370 @ 770 370 $5.80 5.90 6.10 6.20 6.50 6.70 Sales April 5 12 27 28 470 370 1,140 150

Windsor Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 11 18 26 30 270 570 @ 470 @ 370 @ 770 370 $5.80 5.90 6.10 6.20 6.50 6.70 Sales April 5 12 27 28 470 370 1,140 150

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

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.)
ing
ntory
Tou
S
(1)
FIFO
4559
tA
$
(2)
LIFO
LA
(3)
Average-cost

Windsor Company's record of transactions concerning part X for the month of April was as follows.
Purchases
April 1 (balance on hand)
11
18
26
30
270 @ $5.80
570 @ 5.90
470
370
6.10
6.20
6.50
370 @ 6.70
770 @
Sales
April 5
12
370
27 1,140
150
470
28

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