Skysong Company's record of transactions for the month of April was as follows. Purchases Sales...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Skysong Company's record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 1,800 @ $6.00 April 3 1,500 @ $10.00 4 4,500 @ 6.08 9 4,200 @ 10.00 8 2,400 @ 6.40 11 1,800 @ 11.00 13 3,600 @ 6.50 23 3,600 11.00 21 2,100 @ 6.60 27 2,700 12.00 29 1,500 @ 6.79 13.800 15,900 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.) Average-cost per unit $ per unit Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to 0 decimal places, e.g. 2,760.) LIFO $ Average-cost $ Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. (Round answer to 0 decimal places, e.g. 2,760.) (1) FIFO (2) LIFO Inventory $ $ Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO. (Round answer to 0 decimal places, e.g. 2,760.) Cost of goods sold $ In an inflationary period, which inventory method-FIFO, LIFO, average-cost-will show the highest net income? inventory method will show the highest net income
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
