P8-4 Compute FIFO, LIFO, and Average-Cost

Hull Company's record of transactions concerning part X for the month of April was as follows.

P8-4 (L03) Compute FIFO, LIFO, and Average-Cost Hull Company's record of transactions concerning part X for the month of April was as follows Purchases - Units and Unit Costs Sales Total Units April April 1 Balance 100 @ S5.00 5.10 5.30 5.35 5.60 5.80 400 300 a 200 600 200 @ 5 12 27 28 300 200 800 150 4 18 26 30 Instructions (a) Compute the inventory at April 30 on each of the following bases. Assume that perpetual 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 Purchases - Units Balance Sales Total Units Apri 100 April 5 Assume costs are not computed for each withdrawal: 1. First-in, first-out Date of Invoice No. Units Unit Cost Total Cost Inventory, April 30- 2. Last-n, first-out Date of Invoice No. Units Unit Cost Total Cost Inventory, April 30 3. Average-cost Date of Invoice No. Units Unit Cost Total Cost umil 1 100 Inventory, April 30 (b) 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 in (1), (2), and (3) above? (Carry average unit costs to four decimal places.) Assume costs are computed for each withdrawal 1. First-in, first-out 2. Last-in, first-out Purchased No. of Unit No. of Sold Balance Date units cosunits Unit cost units Unit cost Amount Inventory, April 30 3. Average-cost Purchased No. of Unit No. of Sold Balance No. of Date units cost units Unit costunits Unit cost Amount Apr. 1 Apr. 4 Apr. 5 Apr. 11 Apr. 12 Apr. 18 Apr. 26 Apr. 27 Apr. 28 Apr. 30 Inventory, April 30