Question

Sunland Company’s record of transactions for the month of April was as follows. Only need part B solved!! Purchases Sales April 1 (balance on hand) 1,020 @ $6.00 April 3 850 @ $10.00 4 2,550 @ 6.08 9 2,380 @ 10.00 8 1,360 @ 6.40 11 1,020 @ 11.00 13 2,040 @ 6.50 23 2,040 @ 11.00 21 1,190 @ 6.60 27 1,530 @ 12.00 29 850 @ 6.79 7,820 9,010

(a1) Your answer is correct. 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 Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION LINK TO TEXT Attempts: 2 of 15 used

(a2) Your answer is correct. 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 $ Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION LINK TO TEXT Attempts: 1 of 15 used

(b) Your answer is partially correct. Try again. 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 $ $

Answer 1

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Sunland Company’s
Answer a 1	No. of Units	Cost per unit	Total
Beginning Inventory	1,020.00	6.00	6,120.00
Purchased on April 4	2,550.00	6.08	15,504.00
Purchased on April 8	1,360.00	6.40	8,704.00
Purchased on April 13	2,040.00	6.50	13,260.00
Purchased on April 21	1,190.00	6.60	7,854.00
Purchased on April 29	850.00	6.79	5,771.50
Goods available for sale	9,010.00	6.35	57,213.50
The average-cost per unit is $ 6.35.
Answer a 2
Periodic average-cost method
Cost of Goods sold	7,820.00		49,657.00
Inventory at April 30	1,190.00		7,556.50
Periodic LIFO	No. of Units	Cost per unit	Total
Beginning Inventory	1,020.00	6.00	6,120.00
Purchased on April 4	2,550.00	6.08	15,504.00
Purchased on April 8	1,360.00	6.40	8,704.00
Purchased on April 13	2,040.00	6.50	13,260.00
Purchased on April 21	1,190.00	6.60	7,854.00
Purchased on April 29	850.00	6.79	5,771.50
Goods available for sale	9,010.00		57,213.50
Cost of Goods sold
From units Purchased on April 29	850.00	6.79	5,771.50
From units Purchased on April 21	1,190.00	6.60	7,854.00
From units Purchased on April 13	2,040.00	6.50	13,260.00
From units Purchased on April 8	1,360.00	6.40	8,704.00
From units Purchased on April 4	2,380.00	6.08	14,470.40
Total Cost of Goods sold	7,820.00		50,059.90
Inventory at April 30	1,190.00		7,153.60