Question

Swifty Company’s record of transactions for the month of April was as follows. Purchases Sales April...

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 unit. (Round answer to 2 decimal places, e.g. 2.76.)
Average-cost per unit $

per unit

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Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to 0 decimal places, e.g. 2,760.)
LIFO $

Average-cost $

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Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. (Round answer to 0 decimal places, e.g. 2,760.)

(1)
FIFO

(2)
LIFO

Inventory $

$

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Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO. (Round answer to 0 decimal places, e.g. 2,760.)
Cost of goods sold $

0 0
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Answer #1

Periodic Method Average Cost Method : Date Activity 01-Apr Beginning Inventory 04-Apr purchase 08-Apr purchase 13-Apr purchasPeriodic Method LIFO Method: Date Purchases Less : Sales Ending Inventory Units 3710 -490 3220 Activity 01-Apr Beginning InvePerpetual System FIFO Method Date Purchases unit cost Total cost Cost of goods sold Quantity unit cost Total cost Quantity InPeriodic Method Average Cost Method : Date Units Purchases 3710 Less : Sales -490 Ending Inventory 3220 Activity 01-Apr BeginPerpetual System LIFO Method Date Quantity Apr-01 Purchases unit cost Total cost Cost of goods sold Quantity unit cost TotalPeriodic Method FIFO Method: Date Units Purchases 3710 Less : Sales 490 Ending Inventory 3220 Activity 01-Apr Beginning Inven

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