Question

The Average cost per unit has been answered. The answer is 5.9341, Please answer the FIFO AND LIFO QUESTION.

(a2) 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, e.g. 6,548.) (1) FIFO (2) LIFO (3) Average-cost Ending Inventory $ Click if you would like to show Work for this question: Open Show Work LINK TO TEXT

Answer 1

Correct Answer:

	FIFO	LIFO
Ending Inventory	$                 3,974.0	$                     3,776

Working:

	FIFO
A	Total Units Available for sale			2640		$               15,666
	Units Sold			2010
	Ending Inventory Units			630
	Valuation
	Cost of Goods Sold		240		$                           5.50	$            1,320.00
			540		$                           5.60	$                  3,024
			440		$                           5.80	$            2,552.00
			340		$                           5.90	$            2,006.00
			450		$                           6.20	$            2,790.00
B	Cost of Goods Sold		2010	units		$               11,692
A-B	Ending Inventory		630	units		$              3,974.0

	LIFO
A	Total Units Available for sale			2640		$               15,666
	Units Sold			2010
	Ending Inventory Units			630
	Valuation
	Cost of Goods Sold		440		$                           5.60	2,464.00
			340		$                           5.80	1,972.00
			740		$                           6.20	4,588.00
			340.00		$                           5.90	2,006.00
			100.00		$                           5.80	580.00
			50.00		$                           5.60	280.00
B	Cost of Goods Sold		2010	units		$         11,890.00
A-B	Ending Inventory		630	units		$            3,776.00

End of answer.

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