Question

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) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to 0 decimal places, e.g. 6,548.)

(1)
FIFO

(2)
LIFO

(3)
Average-cost

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Homework Answers

Answer #1

Answer:

a. FIFO $5,436
b. LIFO $5,189
c. Weighted Average $5,364

Explanation:

Total Units Avilable for sale 3060
Unit Sold 2290
Ending inventory Units 770

.

a.) FIFO

FIFO - Ending Inventory
Date Units Rate Amount
Apr-26 360 $       6.90 $       2,484
Apr-30 410 $       7.20 $       2,952
770 $       5,436

.

b.) LIFO

LIFO - Ending Inventory
Date Units Rate Amount
Apr-01 310 $       6.20 $       1,922
Apr-04 50 $       6.30 $           315
Apr-30 410 $       7.20 $       2,952
770 $       5,189

.

c.) Average Cost

Average Cost - Ending Inventory
Date Units Rate Average Rate Amount
Opening Apr-01 310 $               6.20 $               6.20 $         1,922
Purchase Apr-30 610 $               6.30 $         3,843
Balance 920 $               6.27 $         5,765
Sale Apr-05 510 $               6.27 $         3,198
Balance 410 $               6.27 $   2,570.70
Purchase Apr-11 510 $               6.60 $   3,366.00
Balance 920 $               6.45 $   5,936.70
Sale Apr-12 410 6.45 $ 2,644.50
Balance 510 $               6.45 $   3,289.50
Purchase Apr-18 410 $               6.60 $   2,706.00
Purchase Apr-26 810 $               6.90 $   5,589.00
Balance 1730 $               6.70 $ 11,584.50
Sale Apr-27 1220 $               6.70 $   8,174.00
Apr-28 150 $               6.70 $   1,005.00
Balance 360 $               6.70 $   2,412.00
Purchase Apr-30 410 $               7.20 $   2,952.00
Balance 770 $               6.97 $   5,364.00
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