Perpetual: LIFO and Moving-Average The beginning inventory, purchases, and sales for Myrl Sign Company for the month of April are shown. Date Beginning Inventory and Purchases Sales Units Cost/Unit Units April 1 (BI) 100 $4.10 100 4.70 200 4.80 April 20 400 5.40 April 30 650 BI: Beginning Inventory Required: Calculate the total amount to be assigned to cost of goods sold for April and the ending inventory on April 30, under each of the following methods. In your calculations round the average unit cost to the nearest cent and answers to the nearest dollar. Cost of Goods Sold Inventory on Hand 1. Perpetual LIFO inventory method $fill in the blank 1 $fill in the blank 2 2. Perpetual moving-average inventory method $fill in the blank 3
Perpetual: LIFO and Moving-Average The beginning inventory, purchases, and sales for Myrl Sign Company for the month of April are shown. Date Beginning Inventory and Purchases Sales Units Cost/Unit Units April 1 (BI) 100 $4.10 100 4.70 200 4.80 April 20 400 5.40 April 30 650 BI: Beginning Inventory Required: Calculate the total amount to be assigned to cost of goods sold for April and the ending inventory on April 30, under each of the following methods. In your calculations round the average unit cost to the nearest cent and answers to the nearest dollar. Cost of Goods Sold Inventory on Hand 1. Perpetual LIFO inventory method $fill in the blank 1 $fill in the blank 2 2. Perpetual moving-average inventory method $fill in the blank 3
Chapter1: Financial Statements And Business Decisions
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Perpetual: LIFO and Moving-Average
The beginning inventory, purchases, and sales for Myrl Sign Company for the month of April are shown.
| Date | Beginning Inventory and Purchases | Sales | |
| Units | Cost/Unit | Units | |
| April 1 (BI) | 100 | $4.10 | |
| 100 | 4.70 | ||
| 200 | 4.80 | ||
| April 20 | 400 | 5.40 | |
| April 30 | 650 |
BI: Beginning Inventory
Required:
Calculate the total amount to be assigned to cost of goods sold for April and the ending inventory on April 30, under each of the following methods. In your calculations round the average unit cost to the nearest cent and answers to the nearest dollar.
| Cost of Goods Sold | Inventory on Hand | |
| 1. Perpetual LIFO inventory method | $fill in the blank 1 | $fill in the blank 2 |
| 2. Perpetual moving-average inventory method | $fill in the blank 3 |
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