Q3. Rex Company's record of transactions for the month of September was as follows.PurchaseSalesDateQuantity(Balance onhand) 100Unit PriceDateUnitsSep 1$5.00Sep 5300Sep 4SepSep 12Sep 274005.102003005.3080011Sep182005.35Sep 28150Sep6005.6026Sep302005.80Total1,800Total units (ending inventory) 3501,450Instructions:Compute the ending inventory at September 30 on each of the following on periodicbases.1. FIFO2. LIFO3. WA

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Description: Q3. Rex Company's record of transactions for the month of September was as follows.PurchaseSalesDateQuantity(Balance onhand) 100Unit PriceDateUnitsSep 1$5.00Sep 5300Sep 4SepSep 12Sep 274005.102003005.3080011Sep182005.35Sep 28150Sep6005.6026Sep302005

The periodic inventory system is a type of inventory valuation system that updates inventory at the…

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Q3. Rex Company's record of transactions for the month of September was as follows. Purchase Sales Date Quantity Sep 1 (Balance on $5.00 hand) 100 400 Unit Price Date Sep 5 Units 300 Sep 4 Sep Sep 12 Sep 27 5.10 200 300 5.30 800 11 200 Sep 18 5.35 Sep 28 150 Sep 26 600 5.60 5.80 Sep 30 200 Total 1,450 1,800 Total units (ending inventory) 350 Instructions: Compute the ending inventory at September 30 on each of the following on periodic bases. 1. FIFO 2. LIFO 3. WA

Q3. Rex Company's record of transactions for the month of September was as follows. Purchase Sales Date Quantity Sep 1 (Balance on $5.00 hand) 100 400 Unit Price Date Sep 5 Units 300 Sep 4 Sep Sep 12 Sep 27 5.10 200 300 5.30 800 11 200 Sep 18 5.35 Sep 28 150 Sep 26 600 5.60 5.80 Sep 30 200 Total 1,450 1,800 Total units (ending inventory) 350 Instructions: Compute the ending inventory at September 30 on each of the following on periodic bases. 1. FIFO 2. LIFO 3. WA

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.18E: Multiple-step income statement On March 31, 20Y5, the balances of the accounts appearing in the...

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