Calculate inventory on each of the bases

Assignment Help Accounting Basics

Reference no: EM13257029

Taos Company's record of transactions concerning part X forthe month of April was as follows.

Purchases Sales

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April 1 (balance on hand) 100 @$5.00 April 5 300

4 400 @5.10 12 200

11 300 @5.30 27 800

18 200 @5.35 28 100

26 500 @5.60

30 200 @5.80

Instructions:- a) compute the inventory at April 30 on each of the followingbases. Assume that perpetual inventory records are kept inunits only. carry unit costs to the nearest cent. 1) First-in, first-out (FIFO) 2) last-in, first-out (LIFO) 3) average cost b) If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amountwould be shown as ending inventory in 1,2, and 3 above? Carry average unit costs to four decimal places

Reference no: EM13257029

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