SOLUTION: Lan Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of
80 units at a cost of $6 per unit. During April, the following pu
Algebra.Com
Question 1000317: Lan Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of
80 units at a cost of $6 per unit. During April, the following purchases and sales were made.
Purchases Sales
April 7 60 units at $7.00 April 5 120 units at $20
13 120 units at $7.50 11 90 units at $20
23 90 units at $8.00 20 80 units at $20
29 50 units at $8.80 30 40 units at $20
320 330
Instructions: Compute the April 30 ending inventory and April cost of goods sold under (a) average cost, (b)
FIFO, and (c) LIFO. Provide appropriate supporting calculations.
(1) Average - Ending Inventory = $_________; Cost of Goods Sold = $_________.
(2) FIFO - Ending Inventory = $_________; Cost of Goods Sold = $_________.
(3) LIFO - Ending Inventory = $_________; Cost of Goods Sold = $_________
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
This is an accounting question and, therefore, inappropriate for the Algebra.com forum. Try searching for a website that deals with accounting homework help.
John
My calculator said it, I believe it, that settles it
RELATED QUESTIONS
You are the store manager at a local Best Buy. As manager, you are verifying the store’s (answered by lynnlo)
You are the store manager at a local Best Buy. As manager, you are verifying the store’s (answered by lynnlo)
A Corporation has ending inventory of Br. 423,500, and cost of goods sold for the year... (answered by ikleyn)
The following information was obtained from the accounting records of Nkomo Traders for... (answered by ikleyn)
A manufacturer uses 1000 items uniformly throughout the year. The cost to produce the... (answered by textot)
My homework is needed tommorow and have no idea of working through it .
please assist or (answered by uma)
A store sells two models of laptop computers. Because of the demand, the store stocks at... (answered by Theo)
an electric store has a current inventory of 50 stereo systems. The lowest priced stereo... (answered by greenestamps)
1. George runs 10 miles per hour and Bill runs 6 miles per hour. They start on a jogging... (answered by lwsshak3)