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Vaughn Company’s record of transactions for the month of April was as follows. Purchases   Sales April 1 (balance on hand)   1,140 @ $6.00   April 3   950 @ $10.00 4     2,850 @ 6.08   9   2,660 @ 10.00 8     1,520 @ 6.40   11   1,140 @ 11.00 13     2,280 @ 6.50   23   2,280 @ 11.00 21     1,330 @ 6.60   27   1,710 @ 12.00 29     950 @ 6.79       8,740           10,070                     Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per unit   $  per unit                         Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to 0 decimal places, e.g. 2,760.) LIFO   $  Average-cost   $                          Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. (Round answer to 0 decimal places, e.g. 2,760.)     (1) FIFO   (2) LIFO Inventory   $    $

Vaughn Company’s record of transactions for the month of April was as follows. Purchases   Sales April 1 (balance on hand)   1,140 @ $6.00   April 3   950 @ $10.00 4     2,850 @ 6.08   9   2,660 @ 10.00 8     1,520 @ 6.40   11   1,140 @ 11.00 13     2,280 @ 6.50   23   2,280 @ 11.00 21     1,330 @ 6.60   27   1,710 @ 12.00 29     950 @ 6.79       8,740           10,070                     Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per unit   $  per unit                         Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to 0 decimal places, e.g. 2,760.) LIFO   $  Average-cost   $                          Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. (Round answer to 0 decimal places, e.g. 2,760.)     (1) FIFO   (2) LIFO Inventory   $    $

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 13PB: Post the following November transactions to T-accounts for Accounts Payable, Inventory, and Cash,...
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Vaughn Company’s record of transactions for the month of April was as follows.

Purchases
  
Sales
April 1 (balance on hand)   1,140 @ $6.00   April 3   950 @ $10.00
4     2,850 @ 6.08   9   2,660 @ 10.00
8     1,520 @ 6.40   11   1,140 @ 11.00
13     2,280 @ 6.50   23   2,280 @ 11.00
21     1,330 @ 6.60   27   1,710 @ 12.00
29     950 @ 6.79       8,740    
      10,070                
 
 
Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)

Average-cost per unit   $  per unit
 
 
 
 
 
 
 
 
 
 
 
 
Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to 0 decimal places, e.g. 2,760.)

LIFO  
$ 
Average-cost  
$ 
 
 
 
 
 
 
 
 
 
 
 
 
Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. (Round answer to 0 decimal places, e.g. 2,760.)

   
(1)
FIFO
  
(2)
LIFO
Inventory  
$ 
  
$ 
 
 
 
 
 
 
 
 
 
 
 
 
Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO. (Round answer to 0 decimal places, e.g. 2,760.)

Cost of goods sold  
$ 
 
 
 
 
 
 
 
 
 
 
 
 
In an inflationary period, which inventory method—FIFO, LIFO, average-cost—will show the highest net income?

                                                                        inventory method will show the highest net income.
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