Hull’s Company’s record of transactions concerning part X for the month of April
ID: 2461382 • Letter: H
Question
Hull’s Company’s record of transactions concerning part X for the month of April was as follows.
Purchases: April 1 (balance on hand) 290 @ $7.40 Sales: April 5 490
4 590 @ $7.50 12 390
11 490 @ $7.80 27 1,180
18 390 @ $7.90 28 150
26 790 @ $8.20
30 390 @ $8.50
Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to 0 decimal places, e.g. $6,548.)
Ending Inventory: (1) FIFO ________?__________ LIFO ________?__________ Average-cost ________?_________
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) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO) and (3) Average-cost. (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.)
Ending Inventory: (1) FIFO ________?__________ LIFO ________?__________ Average-cost ________?_________
Explanation / Answer
FIFO Opening Stock Purchase Total Stock Sales Closing Stock Avg Cost/Unit Date Unit Rate Value Unit Rate Value Unit Rate Value Unit Rate Value Unit Rate Value Apr 1. 290.00 7.40 2,146 - - - 290 2,146 - - - 290 2,146 7.40 Apr 4. 290.00 - 2,146 590 7.50 4,425 880 6,571 - - - 880 6,571 7.47 Apr 5. 880.00 6,571 - - 880 6,571 290 7.40 2,146 590 4,425 7.47 Apr 5. 590.00 4,425 - - 590 4,425 200 7.50 1,500 390 2,925 7.50 Apr 11. 390.00 2,925 490 7.80 3,822 880 6,747 - - 880 6,747 7.67 Apr 12. 880.00 6,747 - - 880 6,747 390 7.50 2,925 490 3,822 7.67 Apr 18. 490.00 3,822 390 7.90 3,081 880 6,903 - - 880 6,903 7.84 Apr 26. 880.00 6,903 790 8.20 6,478 1,670 13,381 - - - 1,670 13,381 8.01 Apr 27. 1,670.00 13,381 - 1,670 13,381 490 7.80 3,822 1,180 9,559 8.01 Apr 27. 1,180.00 9,559 - 1,180 9,559 390 7.90 3,081 790 6,478 Apr 27. 790.00 6,478 - 790 6,478 300 8.20 2,460 490 4,018 Apr 28. 490.00 4,018 - 490 4,018 150 8.20 1,230 340 2,788 Jan 30. 340.00 2,788 390 8.50 3,315 730 6,103 25.00 - 730 6,103 8.36 Total 2,650 21,121 2,210 17,164 - LIFO Opening Stock Purchase Total Stock Sales Closing Stock Avg Cost/Unit Date Unit Rate Value Unit Rate Value Unit Rate Value Unit Rate Value Unit Rate Value Apr 1. 290.00 7.40 2,146 - - - 290 2,146 - - - 290 2,146 7.40 Apr 4. 290.00 - 2,146 590 7.50 4,425 880 6,571 - - - 880 6,571 7.47 Apr 5. 880.00 6,571 - - 880 6,571 490 7.50 3,675 390 2,896 7.47 Apr 5. 390.00 2,896 - - 390 2,896 - - - 390 2,896 7.43 Apr 11. 390.00 2,896 490 7.80 3,822 880 6,718 - - 880 6,718 7.63 Apr 12. 880.00 6,718 - - 880 6,718 390 7.80 3,042 490 3,676 7.63 Apr 18. 490.00 3,676 390 7.90 3,081 880 6,757 - - 880 6,757 7.68 Apr 26. 880.00 6,757 790 8.20 6,478 1,670 13,235 - - - 1,670 13,235 7.93 Apr 27. 1,670.00 13,235 - 1,670 13,235 790 8.20 6,478 880 6,757 7.93 Apr 27. 880.00 6,757 - 880 6,757 390 7.90 3,081 490 3,676 Apr 27. 490.00 3,676 - 490 3,676 - - - 490 3,676 Apr 28. 490.00 3,676 - 490 3,676 100 7.80 780 390 2,896 Apr 28. 390.00 2,896 390 2,896 50 7.50 375 340 2,521 Jan 30. 340.00 2,521 390 8.50 3,315 730 5,836 - - - 730 5,836 7.99 Total 2,650 21,121 2,210 17,431 - Wts Avg Opening Stock Purchase Total Stock Sales Closing Stock Avg Cost/Unit Date Unit Rate Value Unit Rate Value Unit Rate Value Unit Rate Value Unit Rate Value Apr 1. 290.00 7.40 2,146 - - - 290 2,146 - - - 290 2,146 7.40 Apr 4. 290.00 - 2,146 590 7.50 4,425 880 6,571 - - - 880 6,571 7.47 Apr 5. 880.00 6,571 - - 880 6,571 490 7.47 3,659 390 2,912 7.47 Apr 5. 390.00 2,912 - - 390 2,912 - - - 390 2,912 7.47 Apr 11. 390.00 2,912 490 7.80 3,822 880 6,734 - - 880 6,734 7.65 Apr 12. 880.00 6,734 - - 880 6,734 390 7.65 2,984 490 3,750 7.65 Apr 18. 490.00 3,750 390 7.90 3,081 880 6,831 - - 880 6,831 7.76 Apr 26. 880.00 6,831 790 8.20 6,478 1,670 13,309 - - - 1,670 13,309 7.97 Apr 27. 1,670.00 13,309 - 1,670 13,309 1,180 7.97 9,404 490 3,905 7.97 Apr 27. 490.00 3,905 - 490 3,905 - - - 490 3,905 7.97 Apr 27. 490.00 3,905 - 490 3,905 - - - 490 3,905 7.97 Apr 28. 490.00 3,905 - 490 3,905 150 7.97 1,195 340 2,710 7.97 Apr 28. 340.00 2,710 340 2,710 - - - 340 2,710 7.97 Jan 30. 340.00 2,710 390 8.50 3,315 730 6,025 - - - 730 6,025 8.25 Total 2,650 21,121 2,210 17,242 - Ans 1&2. Inventory Units Inventory Value FIFO 730 6,103 LIFO 730 5,836 Wtd Avg 730 6,025
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