Problem 4- Compute FIFO, LIFO, and Average Cost Some of the information found on a detail inventory card for Public's Supermarket for the first month of operations is as follows: Date March 8 10 12 16 19 22 26 31 Received No. of Units 2,000 500 1,000 2,000 1,500 Unit Cost $6.00 6.05 a. First-in, first-out (FIFO). b. Last-in, first-out (LIFO). c. Average-cost. 6.20 6.25 6.50 Issued, No. of Units 700 1,400 800 200 600 1,200 Balance, No. of Units 2,000 2,500 1,800 400 1,400 600 2,400 1,800 3,300 2,100 Instructions From these data compute the ending inventory on each of the following bases. Assume that periodic inventory records are kept in units only. Carry unit costs to the nearest cent and ending inventory to the nearest dollar.

Problem 4- Compute FIFO, LIFO, and Average Cost Some of the information found on a detail inventory card for Public's Supermarket for the first month of operations is as follows: Date March 8 10 12 16 19 22 26 31 Received No. of Units 2,000 500 1,000 2,000 1,500 Unit Cost $6.00 6.05 a. First-in, first-out (FIFO). b. Last-in, first-out (LIFO). c. Average-cost. 6.20 6.25 6.50 Issued, No. of Units 700 1,400 800 200 600 1,200 Balance, No. of Units 2,000 2,500 1,800 400 1,400 600 2,400 1,800 3,300 2,100 Instructions From these data compute the ending inventory on each of the following bases. Assume that periodic inventory records are kept in units only. Carry unit costs to the nearest cent and ending inventory to the nearest dollar.

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Description: Problem 4- Compute FIFO, LIFO, and Average CostSome of the information found on a detail inventory card for Public's Supermarket for the firstmonth of operations is as follows:DateMarch 16810121619222631No. of Units2,0005001,0002,000Received1,500Uni

Accounting (Text Only)

26th Edition

ISBN:9781285743615

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 7.3APR: Weighted average cost method with perpetual inventory The beginning inventory for Funky Party...

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( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for Tyler Company in Brief Exercise 6-35 and assume that the company uses the periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest whole dollar.)
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( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
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( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of ending inventory under LIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
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