.Verizon 9:08 AM * 66% edugen.wileyplus.com WileyPLUS: MyWileyPLUSI Help I Conta
ID: 2566232 • Letter: #
Question
.Verizon 9:08 AM * 66% edugen.wileyplus.com WileyPLUS: MyWileyPLUSI Help I Contact Us| Log O Kieso, Intermediate Accounting, 16e Intermediate Accounting (ACCT 300/301/30 Assignment Gradebook ORION Downloadable eTextbook BACK NEXT CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREtN part X for the month of April was as follows Sales PRINTER VERSION Sandhill Company's record of transactionsc Purchases April 1 (balance on hand) 260$5.70 April5 460 12 360 27 1,120 28 150 560 5.81 460 6.04 360 6.10 760 6.38 3606.61 18 26 30 Calculate average cost per unit. Assume that perpetual inventory records are kept in units only. Round answer to 2 decimal places, e 27%) Average-cost per unit s LINK TO TEXT 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 (UFO). (3) Average-cost (Roundfinal answers todecinnal places, eg ss,548.) FIFO LIFO Ending Inventory i 2000-2017Iohn Wiley & Sons Ins. All Rights Reserved. A Division of Iohn Wiley & Sons Inc Version 424.2Explanation / Answer
Answer:
Ending Inventory Value under FIFO, LIFO,Average Cost methods are as follows:
Ending Quantity under the above three methods is = 670 Units ,
FIFO = $ 4,357.4
LIFO = $ 4,152.1
Average Cost method = $ 4,288
Cost per Unit = 6.11
Working notes are as follows:
First In First Out (FIFO) method of Inventory
Purchase
Sales
Balance
Date
Units
Rate
$ Amount
Units
Rate
$ Amount
Units
Rate
$ Amount
April 1.
260
5.7
1482
260
5.7
1482
April 4.
560
5.81
3253.6
260
5.7
1482
560
5.81
3253.6
April 5.
260
5.7
1482
200
5.81
1162
360
5.81
2091.6
360
5.81
2091.6
April 11.
460
6.04
2778.4
460
6.04
2778.4
April 12.
360
5.81
2091.6
460
6.04
2778.4
April 18.
360
6.1
2196
360
6.1
2196
April 26.
760
6.38
4848.8
460
6.04
2778.4
360
6.1
2196
760
6.38
4848.8
April 27.
460
6.04
2778.4
360
6.1
2196
300
6.38
1914
460
6.38
2934.8
April 28.
150
6.38
957
310
6.38
1977.8
April 30.
360
6.61
2379.6
310
6.38
1977.8
360
6.61
2379.6
No of units and its value under FIFO method
670
4,357.4
Last In First Out (LIFO) method of Inventory
Purchase
Sales
Balance
Date
Units
Rate
Amount
Units
Rate
Amount
Units
Rate
Amount
April 1.
260
5.7
1482
260
5.7
1482
April 4.
560
5.81
3253.6
260
5.7
1482
560
5.81
3253.6
April 5.
460
5.81
2672.6
260
5.7
1482
100
5.81
581
April 11.
460
6.04
2778.4
260
5.7
1482
100
5.81
581
460
6.04
2778.4
April 12.
360
6.04
2174.4
260
5.7
1482
100
5.81
581
100
6.04
604
April 18.
360
6.1
2196
260
5.7
1482
100
5.81
581
100
6.04
604
360
6.1
2196
April 26.
760
6.38
4848.8
260
5.7
1482
100
5.81
581
100
6.04
604
360
6.1
2196
760
6.38
4848.8
April 27.
760
6.38
4848.8
260
5.7
1482
360
6.1
2196
100
5.81
581
100
6.04
604
April 28.
100
6.04
604
260
5.7
1482
50
5.81
290.5
50
5.81
290.5
April 30.
360
6.61
2379.6
260
5.7
1482
50
5.81
290.5
360
6.61
2379.6
No of units and its value under LIFO method
670
4,152.1
Average Inventory method
Purchase
Sales
Balance
Date
Units
Rate
$ Amount
Units
Rate
$ Amount
Units
Rate
$ Amount
April 1.
260
5.7
1482
260
5.7
1482
April 4.
560
5.81
3253.6
260
5.7
1482
560
5.81
3253.6
Average cost
820
5.76
4719.1
April 5.
460
5.76
2649.6
360
5.76
2073.6
April 11.
460
6.04
2778.4
360
5.76
2073.6
460
6.04
2778.4
Average cost
820
5.9
4838
April 12.
360
5.9
2124
460
5.9
2714
April 18.
360
6.1
2196
360
6.1
2196
Average cost
820
6
4920
April 26.
760
6.38
4848.8
820
6
4920
760
6.38
4848.8
Average cost
1580
6.19
9780.2
April 27.
1120
6.19
6932.8
460
6.19
2847.4
April 28.
150
6.19
928.5
310
6.19
1918.9
April 30.
360
6.61
2379.6
310
6.19
1918.9
360
6.61
2379.6
No of units & its value under Average cost method
670
6.4
4,288
Cost per Unit = 6.11
Details :
Date
Units
Rate
Amount $
Apr 1.
260
5.7
1482
Apr 4.
560
5.81
3253.6
Apr 11.
460
6.04
2778.4
Apr 18.
360
6.1
2196
Apr 26.
760
6.38
4848.8
Apr 30.
360
6.61
2379.6
2760
6.11
16,854.40
Purchase
Sales
Balance
Date
Units
Rate
$ Amount
Units
Rate
$ Amount
Units
Rate
$ Amount
April 1.
260
5.7
1482
260
5.7
1482
April 4.
560
5.81
3253.6
260
5.7
1482
560
5.81
3253.6
April 5.
260
5.7
1482
200
5.81
1162
360
5.81
2091.6
360
5.81
2091.6
April 11.
460
6.04
2778.4
460
6.04
2778.4
April 12.
360
5.81
2091.6
460
6.04
2778.4
April 18.
360
6.1
2196
360
6.1
2196
April 26.
760
6.38
4848.8
460
6.04
2778.4
360
6.1
2196
760
6.38
4848.8
April 27.
460
6.04
2778.4
360
6.1
2196
300
6.38
1914
460
6.38
2934.8
April 28.
150
6.38
957
310
6.38
1977.8
April 30.
360
6.61
2379.6
310
6.38
1977.8
360
6.61
2379.6
No of units and its value under FIFO method
670
4,357.4
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.