Purchases of a new inventory product during the month of April are as follows: Purchased 15...
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Purchases of a new inventory product during the month of April are as follows: Purchased 15 units at $5.00 each Purchased 10 units at $5.20 each Purchased 8 units at $5.25 each 4/1 4/10 4/20 Since the facility uses a periodic inventory system, perpetual recordkeeping cards are not maintained and issues are not known. A physical inventory shows that 5 units are on hand at the close of business, April 30. Compute the dollar value of the ending inventory (to two decimal places) under the following valuation methods: a. The FIFO periodic method b. The LIFO periodic method c. The weighted average periodic method (using a weighted average rounded to four decimal places) Purchases of a new inventory product during the month of April are as follows: Purchased 15 units at $5.00 each Purchased 10 units at $5.20 each Purchased 8 units at $5.25 each 4/1 4/10 4/20 Since the facility uses a periodic inventory system, perpetual recordkeeping cards are not maintained and issues are not known. A physical inventory shows that 5 units are on hand at the close of business, April 30. Compute the dollar value of the ending inventory (to two decimal places) under the following valuation methods: a. The FIFO periodic method b. The LIFO periodic method c. The weighted average periodic method (using a weighted average rounded to four decimal places)
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Step 11 A FIFO Method periodic There are 5 units on hand at the end Hence the units sold during the ... View the full answer
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
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