Question
HULL COMPANY'S RECORD OF TRANSACTIONS CONCERNING PART X FOR THE MONTH OF APRIL WAS AS FOLLOWS. PURCHASES SALES APRIL 1 100 @ $5.00 APRIL 5
HULL COMPANY'S RECORD OF TRANSACTIONS CONCERNING PART X FOR THE MONTH OF APRIL WAS AS FOLLOWS. PURCHASES SALES APRIL 1 100 @ $5.00 APRIL 5 300 4 400 @ 5.10 12 200 11 300 @ 5.30 27 800 18 200 @ 5.35 28 150 26 600 @ 5.60 30 200 @ 5.80 INSTRUCTIONS A. COMPUTE THE INVENTORY AT APRIL 30 ON EACH OF THE FOLLOWING BASES. ASSUME THAT PERIODIC INVENTORY RECORDS ARE KEPT IN UNITS 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 PERIODIC 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
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