Hull
Companys record of transactions concerning part X for the month of April was as
follows.
P8-4
(Compute FIFO, LIFO, and Average Cost) Hull Company’s record of transactions
concerning part X for the month of April was as follows.
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Purchases
|
Sales
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||||
|
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Quantity:
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Unit Cost:
|
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Quantity:
|
|
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Apr 1
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(Balance on hand)
|
100
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$5.00
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Apr 5
|
300
|
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Apr 4
|
|
400
|
5.10
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Apr 12
|
200
|
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Apr 11
|
|
300
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5.30
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Apr 27
|
800
|
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Apr 18
|
|
200
|
5.35
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Apr 28
|
150
|
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Apr 26
|
|
600
|
5.60
|
||
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Apr 30
|
|
200
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5.80
|
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Instructions
(a) Compute
the inventory at April 30 on each of the following bases. Assume that perpetual
inventory records are kept in units only. Carry unit costs to the nearest cent.
(1)
First-in, First-out, (FIFO). (Assuming costs are not computed for each
withdrawal - Perpetual.)
(2) Last-in,
First-out, (LIFO). (Assuming costs are not computed for each withdrawal -
Perpetual.)
(3) Average
cost.
(b) If the
perpetual inventory record is kept in dollars, and costs are computed at the
time of each withdrawal, what amount would be shown as ending inventory in 1,
2, and 3 above? Carry average unit costs to four decimal places.
(1)
First-in, First-out, (FIFO). (Assuming costs are computed for each withdrawal -
Perpetual.)
(2) Last-in,
First-out, (LIFO). (Assuming costs are computed for each withdrawal -
Perpetual.)
(3)
Average Cost. (Perpetual.)
TUTORIAL
PREVIEW
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Purchases
|
Sales
|
||||
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Dates and Units
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Unit Cost
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Dates and Units
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|||
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April 1 (balance on hand)
|
100
|
$5.00
|
Apr 5
|
300
|
|
|
Apr 4
|
400
|
$5.10
|
Apr 12
|
200
|
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