Problem 8-5 Received Date No. of Units Unit Cost Issued, No. of Units Balance, N
ID: 2603637 • Letter: P
Question
Problem 8-5
Received
Date
No. of Units
Unit Cost
Issued,
No. of Units
Balance,
No. of Units
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(1)
FIFO
(2)
LIFO
(3)
Average-cost
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LINK TO TEXT
(1)
FIFO
(2)
LIFO
(3)
Average-cost
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SAVE FOR LATER
SUBMIT ANSWER
Problem 8-5
Some of the information found on a detail inventory card for Culver Inc. for the first month of operations is as follows.Received
Date
No. of Units
Unit Cost
Issued,
No. of Units
Balance,
No. of Units
Average-cost per unit $
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From these data compute the ending inventory on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to 0 decimal places, e.g. 6,548.)(1)
FIFO
(2)
LIFO
(3)
Average-cost
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If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amounts shown as ending inventory in (1), (2), and (3) above be the same? What amount would be shown as ending inventory? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.)(1)
FIFO
(2)
LIFO
(3)
Average-cost
NoYes
NoYes
YesNo
Ending Inventory $ $ $LINK TO TEXT
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Question Attempts: 0 of 3 usedSAVE FOR LATER
SUBMIT ANSWER
Explanation / Answer
Average-cost : 5,608
Working:
1600
5.1
8160
1000
5.44
5440
1400
5.61
7854
1700
5.78
9826
2000
5.95
11900
7700
43180
43180/7700 * 1000 = 5,608
1600
5.1
8160
1000
5.44
5440
1400
5.61
7854
1700
5.78
9826
2000
5.95
11900
7700
43180