Compute the inventory at April 30 on each of the following bases

Compute the inventory at April 30 on each of the following bases

(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
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.

(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.

Is this the question you were looking for? If so, place your order here to get started!