Question
Hulls Companys record of transactions concerning part X for the month of April was as follows. Purchases: April 1 (balance on hand) 290 @ $7.40
Hulls Companys record of transactions concerning part X for the month of April was as follows.
Purchases: April 1 (balance on hand) 290 @ $7.40 Sales: April 5 490
4 590 @ $7.50 12 390
11 490 @ $7.80 27 1,180
18 390 @ $7.90 28 150
26 790 @ $8.20
30 390 @ $8.50
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. (Round final answers to 0 decimal places, e.g. $6,548.)
Ending Inventory: (1) FIFO ________?__________ LIFO ________?__________ Average-cost ________?_________
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 under (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO) and (3) Average-cost. (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.)
Ending Inventory: (1) FIFO ________?__________ LIFO ________?__________ Average-cost ________?_________
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