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Taos Company's record of transactions concerning part X forthe month of April was as follows.
Purchases Sales
------------------------------- ------------------
April 1 (balance on hand) 100 @$5.00 April 5 300
4 400 @5.10 12 200
11 300 @5.30 27 800
18 200 @5.35 28 100
26 500 @5.60
30 200 @5.80
Instructions:- a) compute the inventory at April 30 on each of the followingbases. Assume that perpetual inventory records are kept inunits only. carry unit costs to the nearest cent. 1) First-in, first-out (FIFO) 2) last-in, first-out (LIFO) 3) average cost b) If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amountwould be shown as ending inventory in 1,2, and 3 above? Carry average unit costs to four decimal places
A company that has foreign currency transactions will have foreign currency receivables and/or foreign currency payables. If the direct exchange rate decreases while a company has a foreign currency payable, the company will record a gain.
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