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

Quantity:

Unit Cost:

Quantity:

Apr 1

(Balance on hand)

100

$5.00

Apr 5

300

Apr 4

400

5.10

Apr 12

200

Apr 11

300

5.30

Apr 27

800

Apr 18

200

5.35

Apr 28

150

Apr 26

600

5.60

Apr 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). (Assuming costs are not computed for each withdrawal - Perpetual.)

(2) Last-in, First-out, (LIFO). (Assuming costs are not computed for each withdrawal - Perpetual.)

(3) Average cost.

(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.

(1) First-in, First-out, (FIFO). (Assuming costs are computed for each withdrawal - Perpetual.)

(2) Last-in, First-out, (LIFO). (Assuming costs are computed for each withdrawal - Perpetual.)

(3) Average Cost. (Perpetual.)

11 years ago

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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.

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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 Hull Company’s record of transactions concerning part X for the mont