Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please show work in excel. P8-4 (Compute FIFO, LIFO, and Average-Cost) Hull Company's record of transactions concerning part X for the month of April was
Please show work in excel.
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. Purchases Sales April 1 (balance on hand) 100 @ $5.00 April 5 300 400 @ 5.10 200 300 @ 5.30 800 200 @ 5.35 600 @ 5.60 200 @ 5.80 150 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. (b) If the perpetual inventory record is kept in dollars, and costs are computed at the time of each with- drawal, what amount would be shown as ending inventory in (1), (2), and (3) above? (Carry average unit costs to four decimal places.)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started