1 P8-4 (L03) Compute FIFO, LIFO, and Average-Cost 2 Hull Company's record of transactions concerning part X for the month of April was as follows. April April 3 4 -5 6 7 8 9 10 Purchases - Units and Unit Costs 1 Balance 100 @ 5 4 400 300 @ 18 200 @ 26 600 30 200 5.00 5.10 5.30 5.35 5.60 5.80 Sales - Total Units 5 300 12 200 27 800 28 150 12 Instructions 13 (a) Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records 14 are kept in units only. Carry unit costs to the nearest cent. 15 (1) First-in, first-out (FIFO) 26 (2) Last-in, first-out (LIFO) 17 (3) Average-cost 18 19 Purchases - Units Sales - Total Units 20 April 1 Balance 100 April 300 21 22 23 24 25 26 27 28 9 30 31 32 33 Assume costs are not computed for each withdrawal: 35 86 1. First-in, first-out 37 Date of Invoice No. Units Unit Cost Total Cost 38 39 40 $1 43 Inventory, April 30 - P8-4 + Ready 2 6 7 8 Last-in, first-out Date of Invoice No. Units Unit Cost Total Cost 1 2 3 4 Inventory, April 30 - 3. 5 5 7 3 3 Average-cost Date of Invoice April 1 No. Units 100 Unit Cost Total Cost 1 2 3 5 5 7 3 9 1 2 3 4 5 Inventory, April 30 - 7 (b) If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, 8 what amount would be shown as ending inventory in (1), (2), and (3) above? (Carry average unit costs to four decimal places.) 0 1 Assume costs are computed for each withdrawal. 2 3 1. First-in, first-out 4 5 6 7 2. Last-in, first-out 8 Purchased Sold Balance No. of Unit No. of P8-4 + 2. Last-in, first-out Purchased No. of Unit Date units cost Sold Balance No. of units Unit cost No. of units Unit cost Amount PA Inventory, April 30 - 3. Average-cost Purchased No. of Unit units cost Sold Balance No. of units Unit cost No. of units Unit cost Date Apr. Amount Apr. 4 Apr. s Apr. 11 Apr. 12 Apr. 18 Apr. 26 Apr. 27 Apr. 28 Apr. 30 Inventory, April 30