Intermediate accounting excel assignment

Ch8_Excel.xlsx

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P8-4

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	1	Balance	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 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
(a)	Purchases - Units							Sales - Total Units
	April	1	Balance			100		April	5	300
	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-in, 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
		April 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		Sold		Balance
	Date		No. of units	Unit cost	No. of units	Unit cost	No. of units	Unit cost	Amount
						Inventory, April 30 =
3.	Average-cost
			Purchased		Sold		Balance
	Date		No. of units	Unit cost	No. of units	Unit cost	No. of units	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 =