a) Assuming that periodic inventory records are kept in units only, calculate the average-cost per...
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Accounting
a) Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)
b)Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost.
c)Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO?
d)Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO
f)In an inflationary period, which inventory methodFIFO, LIFO, average-costwill show the highest net income?
Pronghorn Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 4 8 April 3 9 8 11 702 @ $5.00 1,755 @ 5.08 936 @ 5.39 1,404 @ 5.59 819 @ 5.79 585 5.97 Sales 585 @ $10.00 1,638 @ 10.00 702 @ 11.00 1,404 @ 11.00 1,053 @ 12.00 5,382 13 23 21 27 29 6,201
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