Kingbird Companys record of transactions concerning part X for the month of April was as follows. Purchases
Question:
Kingbird Company’s record of transactions concerning part X for the month of April was as follows.
Purchases | Sales | ||||||||
April 1 | (balance on hand) | 210 | @ | $5.20 | April 5 | 410 | |||
4 | 510 | @ | 5.30 | 12 | 310 | ||||
11 | 410 | @ | 5.51 | 27 | 1,020 | ||||
18 | 310 | @ | 5.56 | 28 | 150 | ||||
26 | 710 | @ | 5.82 | ||||||
30 | 310 | @ | 6.03 |
Part 1
Correct answer iconYour answer is correct.
Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, e.g. 2.76.)
Average-cost per unit | $ |
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Part 2
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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 0 decimal places, e.g. $6,548.)
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield