Assignment:
Directions: Complete parts a, b, c, and d on a separate Excel spreadsheet as directed on the Problem Set directions. Show all your work.
Transactions for the month of June were:
| Purchases Sales |
| 01-Jun |
(balance)800@$3.20 |
02-Jun |
600@$5.50 |
| 3 |
2,200@$3.10 |
6 |
1,600@$5.50 |
| 7 |
1,200@$3.30 |
9 |
1,000@$5.50 |
| 15 |
1,800@$3.40 |
10 |
400@$6.00 |
| 22 |
500@$3.50 |
18 |
1,400@$6.00 |
| |
|
25 |
200@$6.00 |
A) Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is
B) Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is
C) Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is
D) Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is