Pharoah Company’s record of transactions for the month of April was as follows. Purchases Sales April 1(balance on hand)[email protected]$6.00April…
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Pharoah Company’s record of transactions for the month of April was as follows.
Purchases
Sales
April 1(balance on
[email protected]
$6.00April
[email protected]
$10.0041,
[email protected]
@1,
[email protected]
@,9225,671
Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit.
(Round answer to 2 decimal places, e.g. 2.76.)
Average-cost per unit$
per unit
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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$
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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$
$
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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$
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In an inflationary period, which inventory method-FIFO, LIFO, average-cost-will show the highest net income?
LIFO
Average-cost
FIFO
inventory method will show the highest net income.
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