Farman Appliance Mart_ending inventory under a perpetual inventory system

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Problem 6-9A 

Farman Appliance Mart began operations on May 1. It uses a perpetual inventory system. During May, the company had the following purchases and sales for its Model 25 Sureshot camera.

Purchases 
Date                Units               Unit Cost                   Sales Units 
May 1 210                 $153 
May 4                                                             120 
May 8 240                 $173 
May 12                                                                       150 
May 15           180                 $188 
May 20                                                                       90 
May 25                                                                       120 

 

 

Calculate the average cost per unit at May 1, 4, 8, 12, 15, 20 & 25. (Round answers to 3 decimal places, e.g. $105.252.)
                        Average cost for each unit 
May 1             $ 153
May 4             $ 153
May 8 $                      167.545
May 12                       $ 167.545
May 15                       $ 177.772
May 20                       $ 177.772
May 25                       $ 177.772

Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. (Round answers to 0 decimal places, e.g. $2,150.)

The ending inventory under a perpetual inventory system
1) FIFO                                              
2)MOVING-AVERAGE 
3)LIFO 

    • 13 years ago
    Farman Appliance Mart_ending inventory under a perpetual inventory system
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