Please do not give solution in image format thanku Novak Company's record of transactions concerning part X for the month of April was as follows.Purchases.April 1 (balance on hand)411182630440 @740@640 @540 @940 @540 @$7.507.708.008.008.408.70SalesApril 51227286405401,480150 (a2)Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in unitsonly. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to O decimal places, eg. 6,548.)Ending Inventory $(1)FIFO(2)LIFO(3)Average-cost

FIFO - It is a method of inventory valuation in which goods received first is issued first.LIFO - It…

(a2) Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to 0 decimal places, eg. 6,548) Ending Inventory $ (1) FIFO $ (2) LIFO (3) Average cost

(a2) Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to 0 decimal places, eg. 6,548) Ending Inventory $ (1) FIFO $ (2) LIFO (3) Average cost

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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