*E8.18 (LO3, 5) (FIFO, LIFO, and Average-Cost Determination) KeyserCompany's record of transactions for the month of April is as follows.PurchasesSalesApril 1 (balance on hand)600 @ $6.00 April 3500 @$10.00481,500 @6.0891,300 @ 10.00800 @ 6.4011600 @ 11.00131,200 @ 6.5023 1,200 @ 11.0021700 @6.6027900 @ 12.0029500 @6.794,5005,300a. Assuming that periodic inventory records are kept, compute the inventoryat April 30 using (1) LIFO and (2) average-cost.b. Assuming that perpetual inventory records are kept in both units anddollars, determine the inventory at April 30 using (1) FIFO and (2) LIFO.c. Compute cost of goods sold assuming periodic inventory procedures andinventory priced at FIFO.d. In an inflationary period, which inventory method-FIFO, LIFO, oraverage-cost-will show the highest net income?

a. Inventory at April 30 using LIFO (Last-In, First-Out): The LIFO method assumes that the most…

Answered: *E8.18 (LO3, 5) (FIFO, LIFO, and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sheridan Company had the following transactions for the month of June: Purchases Sales June 1 (balance) 3290@ $3.00 June 2 2400@ $5.40 3 8700 @ 2.90 6 6450@ 5.40 7 4730@ 3.10. 9 3910@ 5.40 15 7100@ 3.20 10 1690@ 8.00 22 1990 @ 3.30 25 22 18 5550@ 8.00 760 @ 8.00 Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is $15655. $15150. O $16359. O $14974.
Compute for the Day Sales Outstanding of Company X and Y. Compare each other. Use 360 days. Company X Company Y Accounts Receivables P452,100 P233,200 Annual Sales P3,205,100 P1,956,200
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BUS 038 : Business Computations9. You purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods on July 23, calculate (a) the last day of the discount period, and (b) the last day of the credit period. b. Last day of credit period:
From the following information regarding the year to 31 August 20X6, what is the accounts payable payment period? You should calculate the ratio using purchases as the denominator. $ Sales 43,000 Cost of sales 32,500 Opening inventory 6,000 Closing inventory 3,800 Trade accounts payable at 31 August 20X6 4,750 A 40 days B 50 days C 53 days D 57 days
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YE3tcuBfirwShOSzu2prZ7nd44k0L-w/formResponse?pli=1 e following to answer the five questions below: owing accounts are extracted from the worksheet of X Company on ber 31, 2020 Sales Retums and Allowances S 410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses - Sales 52,000 Rent Revenue 22,000 Purchases Retums and Allowances 120,000 Purchases 600,000 Loss from write down of Inventory 17,000 Inventory, January 1, 2020 460,000 Interest Expense A 55,000 Gain from Sale of Building 23,000 Freight-out 14,000 Freight-in 30,000 Depreciation Expense - Sales 22,000 Cost of Goods Sold 600,000 n the data above, the inventory account sho ed a holon

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