ACC – LoBianco Company’s

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

Purchases

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.)

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

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