Tamarisk Company's record of transactions concerning part X for the month of April was as...
Question:
Tamarisk Company?s record of transactions concerning part X for the month of April was as follows.
Purchases | Sales | |||
---|---|---|---|---|
April 1 | (balance on hand) | 360 @ $6.70 | April 5 | 560 |
4 | 660 @ 6.83 | 12 | 460 | |
11 | 560 @ 7.10 | 27 | 1,320 | |
18 | 460 @ 7.17 | 28 | 150 | |
26 | 860 @ 7.50 | |||
30 | 460 @ 7.77 |
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?
(1) FIFO | (2) LIFO | (3) Average-cost | |
---|---|---|---|
Ending Inventory | $_____ | $_____ | $_____ |
Ending inventories:
Ending inventories are calculated with the help of three different methods i.e. FIFO, LIFO and the Average method. It is calculated to calculate the cost of goods sold and the gross profit of the company.
Answer and Explanation: 1
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View this answerCalculation of the Ending Inventory: | |||||
---|---|---|---|---|---|
FIFO | |||||
Date | particular | Units | Rate | Total | Balance |
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Chapter 6 / Lesson 11Inventory valuation methods are ways that companies place a monetary value on the items they have in their inventory. Discover different inventory valuation methods, including specific identification, First-In-First-Out (FIFO), Last-In-First-Out (LIFO), and weighted average.
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