Calculate average-cost per unit

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Reference no: EM131989317

Problem

Teal Company's record of transactions for the month of April was as follows.

Purchases

Sales

April 1

(balance on hand)


630

@

$6.00

April 3


525

@

$10.00

4



1,575

@

6.08

9


1,470

@

10.00

8



840

@

6.38

11


630

@

11.00

13



1,260

@

6.58

23


1,260

@

11.00

21



735

@

6.78

27


945

@

12.00

29



525

@

6.98



4,830






5,565








Calculate average-cost per unit.

Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost.

Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO.

Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.

Reference no: EM131989317

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