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Hull Companys record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 490 @
Hull Companys record of transactions concerning part X for the month of April was as follows.
Purchases | Sales | ||||||||
April 1 | (balance on hand) | 490 | @ | $7.40 | April 5 | 690 | |||
4 | 790 | @ | 7.60 | 12 | 590 | ||||
11 | 690 | @ | 7.90 | 27 | 1,580 | ||||
18 | 590 | @ | 7.90 | 28 | 150 | ||||
26 | 990 | @ | 8.30 | ||||||
30 | 590 | @ | 8.60 |
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. |
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