Question
Hull Companys record of transactions concerning part X for the month of April was as follows. (a) Under periodic inventory system, compute ending inventory and
Hull Companys record of transactions concerning part X for the month of April was as follows. (a) Under periodic inventory system, compute ending inventory and cost of goods sold on April 30 using the following inventory flow assumptions. Carry unit costs to the nearest cent. Averagecost Firstin, firstout (FIFO) Lastin, firstout (LIFO)
(b) If the perpetual inventory system is used, and costs are computed at the time of each withdrawal, compute ending inventory and cost of goods sold on April 30 using the following inventory flow assumptions. Carry unit costs to the nearest cent. Firstin, firstout (FIFO) Lastin, firstout (LIFO)
Purchases Units and Unit Costs 5.00 5.10 5.30 5.35 5.60 5.80 Apr 1 Balance 100 400 300 4 18 26 30 600 200 Sales Total Units April 12 27 28 300 200 800 150Step by Step Solution
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