ACC – LoBianco Company’s

ACC – LoBianco Company’s

Question
	

Question 4
LoBianco Company’s record of transactions for the month of April was as follows.


Purchases















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Sales
April 1 (balance on hand) 738 @ $6.0 April 3 615 @ $9
4 1,845 @ 6.3 9 1,599 @ 9
8 984 @ 6.6 11 738 @ 11
13 1,476 @ 6.9 23 1,476 @ 11
21 861 @ 7.2 27 1,107 @ 12
29 615 @ 7.4 5,535 
6,519



(a1)
Your answer is correct.


Calculate average cost per unit. (Round average cost per unit to 2 decimal places, e.g. $2.76.)






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Average cost per unit $6.67






(a2) and (b)
(1) Assuming that periodic inventory records are kept, compute the inventory at April 30 using LIFO and average cost. (Round answer to 0 decimal places, e.g. $2,760.)


LIFO $
Average cost $



(2) Assuming that perpetual inventory records are kept in both units and dollars, determine the inventory at April 30 using FIFO and LIFO. (Round answer to 0 decimal places, e.g. $2,760.)



FIFO


LIFO
Inventory $


Purchases---April 1



(balance on hand)



738



@



$6.0



4



1,845



@



6.3



8



984



@



6.6



13



1,476



@



6.9



21



861



@



7.2



29



615



@



7.4















































Sales



April 3



615



@



$9



9



1,599



@



9



11



738



@



11



23



1,476



@



11



27



1,107



@



12



5,535


66,519 is the total on the purchases



6,519