April 1 (balance on hand) 4 11 18 26 Purchases 30 100 (@ $5.00 400 300 @ 200 (@) 600 @ 5.10 5.30 5.35 5.60 200 @ 5.80 Sales April 5 12 27 28 300 200 800 150

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Hull Company's record of transactions concerning part X for the month of April was as follows.
Purchases
April 1 (balance on hand)
11
18
26
30
100 @ $5.00
400 @
300 @ 5.30
5.10
200 @ 5.35
600 (@))
5.60
200 (@ 5.80
Sales
April 5
12
27
28
300
200
800
150
Transcribed Image Text:Hull Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 11 18 26 30 100 @ $5.00 400 @ 300 @ 5.30 5.10 200 @ 5.35 600 (@)) 5.60 200 (@ 5.80 Sales April 5 12 27 28 300 200 800 150
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 under (1) FIFO. (2) LIFO and (3) Average-cost? (Round average cost per unit to 4 decimal places, e.g.
2.7621 and final answers to O decimal places, e.g. 6,548.)
Ending inventory
$
(1)
FIFO
2000
$
(2)
LIFO
1830
VA
$
(3)
Average-cost
1890
Transcribed Image Text: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 under (1) FIFO. (2) LIFO and (3) Average-cost? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to O decimal places, e.g. 6,548.) Ending inventory $ (1) FIFO 2000 $ (2) LIFO 1830 VA $ (3) Average-cost 1890
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