Hull Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 11 18 26 30 100 400 @ 300 200 @ 600 $5.00 5.10 5.30 5.35 5.60 200 @ 5.80 Sales April 5 12 27 28 300 200 800 150
Hull Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 11 18 26 30 100 400 @ 300 200 @ 600 $5.00 5.10 5.30 5.35 5.60 200 @ 5.80 Sales April 5 12 27 28 300 200 800 150
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Subject: acounting
Transcribed Image Text:x Your answer is incorrect.
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, es
2.7621 and final answers to 0 decimal places, eg. 6,548)
Ending inventory
S
eTextbook and Media
(1)
FIFO
$2407.50
$
(2)
LIFO
(3)
Average-cost
810
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)
4
11
18
26
30
100
400
300
200
600
200
Ⓡ
$5.00
5.10
5.30
5.35
5.60
5.80
Sales
April 5
12
27
28
300
200
800
150
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Step 1: Inventory Method
VIEWStep 2: Computation of the cost assigned to ending inventory using the FIFO method:
VIEWStep 3: Computation of the cost assigned to ending inventory using the LIFO method:
VIEWStep 4: Computation of the cost assigned to ending inventory using the Average-cost method:
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