ACC - LoBianco Company’s

Question 4
LoBianco Company’s record of transactions for the month of April was as follows.

Purchases

Sales
April 1 (balance on hand)  738 @ $6.0  April 3  615 @ $9
4  1,845 @ 6.3  9  1,599 @ 9
8  984 @ 6.6  11  738 @ 11
13  1,476 @ 6.9  23  1,476 @ 11
21  861 @ 7.2  27  1,107 @ 12
29  615 @ 7.4  5,535 
6,519 

(a1)
Your answer is correct.

Calculate average cost per unit. (Round average cost per unit to 2 decimal places, e.g. $2.76.)

Average cost per unit  $6.67

(a2) and (b)
(1) Assuming that periodic inventory records are kept, compute the inventory at April 30 using LIFO and average cost. (Round answer to 0 decimal places, e.g. $2,760.)

LIFO $
Average cost $

(2) Assuming that perpetual inventory records are kept in both units and dollars, determine the inventory at April 30 using FIFO and LIFO. (Round answer to 0 decimal places, e.g. $2,760.)

FIFO

LIFO
Inventory $

Purchases---April 1