Question

How to solve this question below? Sunland Company’s record of transactions concerning part X for the...

How to solve this question below?

Sunland Company’s record of transactions concerning part X for the month of April was as follows.

Purchases

Sales
April     1 (balance on hand) 320 @ $6.30 April     5 520
4 620 @ 6.40 12 420
11 520 @ 6.70 27 1,240
18 420 @ 6.70 28 150
26 820 @ 7.10
30 420 @ 7.30

If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory under (1) FIFO, (2) LIFO and (3) Average-cost? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.)

(1)
FIFO

(2)
LIFO

(3)
Average-cost
Ending Inventory

$

$

$
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Caluclation of Ending inventory = Opening + Purchase - Sale
=320 + (620+520+420+820+420) - (520+420+1240+150)
790
Cost of Ending Inventory(FIFO) = $5693
Date Units Rate Amount
April-.30 420 7.3 3066
April-.26 370 7.1 2627
790 5693
Cost of Ending Inventory(LIFO) = $5297
Date Units Rate Amount
April-.1 320 6.3 2016
April-.4 100 6.4 640
April-.11 100 6.7 670
April-.30 270 7.3 1971
790 5297
Cost of Ending Inventory(Weighted Average) = $5360
Date Units Rate Amount
April-.30 790 6.79 5360
790 5360
Date Units Rate Amount
April-.1 320 6.3 2016
April-.4 620 6.4 3968
April-.11 520 6.7 3484
April-.18 420 6.7 2814
April-.26 820 7.1 5822
April-.30 420 7.3 3066
3120 21170
Weighted average cost = 21170/3120
=6.79
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Coronado Company’s record of transactions concerning part X for the month of April was as follows....
Coronado Company’s record of transactions concerning part X for the month of April was as follows. Purchases Sales April     1 (balance on hand) 310 @ $6.20 April     5 510 4 610 @ 6.30 12 410 11 510 @ 6.60 27 1,220 18 410 @ 6.60 28 150 26 810 @ 6.90 30 410 @ 7.20 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)...
Sunland Company’s record of transactions for the month of April was as follows. Purchases Sales April...
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 perpetual inventory records are kept in dollars, determine the inventory using (1)...
Sunland Company markets CDs of numerous performing artists. At the beginning of March, Sunland had in...
Sunland Company markets CDs of numerous performing artists. At the beginning of March, Sunland had in beginning inventory 2,800 CDs with a unit cost of $7. During March, Sunland made the following purchases of CDs. March 5 2,200 @ $8 March 21 5,000 @ $10 March 13 3,800 @ $9 March 26 2,200 @ $11 During March 11,500 units were sold. Sunland uses a periodic inventory system. Determine the cost of goods available for sale. The cost of goods available...
Vaughn Company’s record of transactions for the month of April was as follows. Purchases Sales April...
Vaughn Company’s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 690 @ $6.00 April 3 575 @ $10.00 4 1,725 @ 6.09 9 1,610 @ 10.00 8 920 @ 6.40 11 690 @ 11.00 13 1,380 @ 6.60 23 1,380 @ 11.00 21 805 @ 6.70 27 1,035 @ 12.00 29 575 @ 6.87 5,290 6,095 Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.
Mitchell Company’s record of transactions for the month of June was as follows. Purchases: Date                 Units         &nbs
Mitchell Company’s record of transactions for the month of June was as follows. Purchases: Date                 Units               Unit Cost June 1              600       @         3.00€ 4                        1,500    @         3.04 8                        800       @         3.20 13                     1,200     @        3.25 21                     700        @        3.30 29                     500        @        3.13                          -------                          5,300 Sales: Date              Units                Unit Cost June 3           500       @          5.00€ 9                    1,300     @          5.00 11                  600        @          5.50 23                  1,200     @          5.50 27                  900        @          6.00                      ----------                       4,500 Instructions (a) Assuming...
Presented below is information related to Blowfish radios for the Marigold Company for the month of...
Presented below is information related to Blowfish radios for the Marigold Company for the month of July. Date Transaction Units In Unit Cost Total Units Sold Selling Price Total July 1 Balance 140 $4.40 $  616 6 Purchase 1,120 4.50 5,040 7 Sale 420 $7.00 $ 2,940 10 Sale 420 7.30 3,066 12 Purchase 560 4.80 2,688 15 Sale 280 7.40 2,072 18 Purchase 420 4.90 2,058 22 Sale 560 7.40 4,144 25 Purchase 700 4.88 3,416 30 Sale 280 7.50...
Martinez Company is a multi product firm. Presented below is information concerning one of its products,...
Martinez Company is a multi product firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 2,200 $16 2/4 Purchase 3,200 24 2/20 Sale 3,700 40 4/2 Purchase 4,200 30 11/4 Sale 3,400 44 Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit $ LINK TO TEXT Compute cost of goods sold, assuming Martinez uses: (Round average cost per unit to 4 decimal places, e.g....
Exercise 8-13 Presented below is information related to Blowfish radios for the Tamarisk Company for the...
Exercise 8-13 Presented below is information related to Blowfish radios for the Tamarisk Company for the month of July. Date Transaction Units In Unit Cost Total Units Sold Selling Price Total July 1 Balance 160 $3.90 $  624 6 Purchase 1,280 4.00 5,120 7 Sale 480 $7.00 $ 3,360 10 Sale 480 7.30 3,504 12 Purchase 640 4.30 2,752 15 Sale 320 7.40 2,368 18 Purchase 480 4.40 2,112 22 Sale 640 7.40 4,736 25 Purchase 800 4.38 3,504 30 Sale...
Presented below is information related to Blowfish radios for the Kingbird Company for the month of...
Presented below is information related to Blowfish radios for the Kingbird Company for the month of July. Date Transaction Units In Unit Cost Total Units Sold Selling Price Total July 1 Balance 150 $ 3.70 $   555 6 Purchase 1,200 3.80 4,560 7 Sale 450 $ 6.80 $  3,060 10 Sale 450 7.10 3,195 12 Purchase 600 4.10 2,460 15 Sale 300 7.20 2,160 18 Purchase 450 4.20 1,890 22 Sale 600 7.20 4,320 25 Purchase 750 4.18 3,135 30 Sale 300...
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic...
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 100 units @ $50.00 per unit Mar. 5 Purchase 400 units @ $55.00 per unit Mar. 9 Sales 420 units @ $85.00 per unit Mar. 18 Purchase 120 units @ $60.00 per unit Mar. 25 Purchase 200...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT