Concord Company’s record of transactions concerning part X for the month of April was as follows.Purchases SalesApril     1(balance on hand) 240 @ \$5.50 April     5 4404  540 @ 5.60 12 34011  440 @ 5.80 27 1,08018  340 @ 5.90 28 15026  740 @ 6.20    30  340 @ 6.40   a) Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 4 decimal places, e.g. 2.7682.) b) 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-costEnding Inventory \$  \$  \$  c) 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-costEnding Inventory \$  \$  \$

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

 Purchases Sales April     1 (balance on hand) 240 @ \$5.50 April     5 440 4 540 @ 5.60 12 340 11 440 @ 5.80 27 1,080 18 340 @ 5.90 28 150 26 740 @ 6.20 30 340 @ 6.40

a) Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 4 decimal places, e.g. 2.7682.)

b) 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 Ending Inventory \$ \$ \$

c) 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 \$ \$ \$
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Step 1

Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and specify the other subparts (up to 3) you’d like answered

Step 2

Weighted Average Cost method is the cost method which computes the weighted average cost. Since, perpetual inventory are computed in units only, the weighted average cost will be computed by dividing the total purchases with the total units purchased which is \$15666/2640=\$5.9341.

Computation of total purchase cost and units purchased is as follows

Step 3

The purchases and sales have b...

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