Under periodic records, the records are updated at the end of the period and not transaction wise
LIFO method states that Inventory purchased later will be sold first
Units in ending Inventory = 10,600-9200 = 1400 units
Hence, value = 1000*6.79 + 400*6.60 = $9430
Average Cost per unit = Total cost of goods available/Total Units available
= $6.35 per unit
Hence, value of ending Inventory = 6.35*1400 = $8,890
Exercise 8-11 Tamarisk Company's record of transactions for the month of April was as follows. Purchases...
Exercise 8-11 Tamarisk Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 1,200 @ $6.00 3,000 @ 6.08 1,600 @ 6.40 2,400 @ 6.50 1,400 @ 6.60 1,000 @ 6.79 10,600 Sales April 3 1,000 @ $10.00 9 2,800 @ 10.00 11 1,200 @ 11.00 23 2,400 @ 11.00 27 1,800 @ 12.00 9,200 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2)...
Exercise 8-11 Tamarisk Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 1,200 @ $6.00 3,000 @ 6.08 1,600 @ 6.40 2,400 @ 6.50 1,400 @ 6.60 1,000 @ 6.79 10,600 Sales April 3 1,000 @ $10.00 9 2,800 @ 10.00 11 1,200 @ 11.00 23 2,400 @ 11.00 27 1,800 @ 12.00 9,200 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answert...
Exercise 8-11 (Part Level Submission) Bonita Company's record of transactions for the month of April was as follows. Purchases Sales April 3 April 1 (balance on hand) 780 @$6.00 650@ $10.00 1,950 @ 6.08 4 9 1,820 @ 10.00 8 1,040 @ 6.40 11 780@ 11.00 23 1,560 @ 1,560 @ 11.00 13 6.50 27 1,170 @ 910 @ 12.00 21 6.60 650 @ 5,980 29 6.79 6,890 Assuming that perpetual inventory records are kept in dollars, determine the inventory...
Exercise 8-11 Sheffield Company’s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 1,260 @ $6.00 April 3 1,050 @ $10.00 4 3,150 @ 6.08 9 2,940 @ 10.00 8 1,680 @ 6.40 11 1,260 @ 11.00 13 2,520 @ 6.50 23 2,520 @ 11.00 21 1,470 @ 6.60 27 1,890 @ 12.00 29 1,050 @ 6.79 9,660 11,130 Assuming that periodic inventory records are kept in units only, calculate the...
Exercise 8-11 Swifty Company’s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 420 @ $6.00 April 3 350 @ $10.00 4 1,050 @ 6.08 9 980 @ 10.00 8 560 @ 6.40 11 420 @ 11.00 13 840 @ 6.50 23 840 @ 11.00 21 490 @ 6.60 27 630 @ 12.00 29 350 @ 6.79 3,220 3,710 Assuming that periodic inventory records are kept in units only, calculate the...
Exercise 8-11 Sunland Company’s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 1,020 @ $6.00 April 3 850 @ $10.00 4 2,550 @ 6.08 9 2,380 @ 10.00 8 1,360 @ 6.40 11 1,020 @ 11.00 13 2,040 @ 6.50 23 2,040 @ 11.00 21 1,190 @ 6.60 27 1,530 @ 12.00 29 850 @ 6.79 7,820 9,010 Assuming that periodic inventory records are kept in units only, calculate the...
Vaughn Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 1,140 @ $6.00 2,850 @ 6.08 1,520 @ 6.40 2,280 @ 6.50 1,330 @ 6.60 950 @ 6.79 10,070 Sales April 3 950 @ $10.00 9 2,660 @ 10.00 11 1,140 @ 11.00 23 2,280 @ 11.00 27 1,710 @ 12.00 8,740 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2...
Exercise 8-11 Kingbird Company’s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 1,500 @ $6.00 April 3 1,250 @ $10.00 4 3,750 @ 6.08 9 3,500 @ 10.00 8 2,000 @ 6.40 11 1,500 @ 11.00 13 3,000 @ 6.50 23 3,000 @ 11.00 21 1,750 @ 6.60 27 2,250 @ 12.00 29 1,250 @ 6.79 11,500 13,250 Assuming that periodic inventory records are kept in units only,, calculate the...
Swifty Company’s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 420 @ $6.00 April 3 350 @ $10.00 4 1,050 @ 6.08 9 980 @ 10.00 8 560 @ 6.40 11 420 @ 11.00 13 840 @ 6.50 23 840 @ 11.00 21 490 @ 6.60 27 630 @ 12.00 29 350 @ 6.79 3,220 3,710 Assuming that periodic inventory records are kept in units only, calculate the average-cost per...
Exercise 8-11 Sheffleld Company's record of transactions for the month of April was as follows. Purchases Sales 605@ $10.00 April 1 (balance on hand) 726 @ $6.00 April 3 9 1,694 @ 10.00 1,815 @ 6.08 968@ 6.40 726 11.00 8 11 1,452 6.60 23 1,[email protected] 13 847 6.80 27 1,089@ 12.00 21 5,566 605@ 7.00 29 6,413 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decim Average-cost per...
> Average Cost per unit is correct, however for Periodic LIFO, its 10,600 - 9,200 = 1,400 units.
(1,200 * 6.00) + (200 * 6.08) = $8,416
Joel D Tue, Nov 9, 2021 1:58 AM