Compute FIFO, LIFO, and Average Cost Hull Company’s record of

Compute FIFO, LIFO, and Average Cost Hull Company's record of transactions concerning part X for the month of April was as follows.

(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 decimalplaces.


Sales 300 Purchases April 5 12 27 28 April 1 (balance on hand) 100 e $5.00 400 @ 300 e 5.30 4 11 18 26 200 800 150 200 e

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula                Ending Inventory Formula =...

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