Question

Exercise 8-11 Splish Company’s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 1,680 @ $6.00 April 3 1,400 @ $10.00 4 4,200 @ 6.08 9 3,920 @ 10.00 8 2,240 @ 6.40 11 1,680 @ 11.00 13 3,360 @ 6.50 23 3,360 @ 11.00 21 1,960 @ 6.60 27 2,520 @ 12.00 29 1,400 @ 6.79 12,880 14,840

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?     Average-cost    FIFO    LIFO     inventory method will show the highest net income. Click if you would like to Show Work for this question: Open Show Work

Answer 1

The answer has been presented in the supporting sheet.