P8-4 (Computer FIFO, LIFO, and Average Cost)
Hull Company's record of transactions concerning part X for the month of April was as follows.
Purchases Sales
01-Apr (balance on hand) 100 @ $5.00 05-Apr 300
04-Apr 400 @ $5.10 12-Apr 200
11-Apr 300 @ $5.30 27-Apr 800
18-Apr 200 @ $5.35 28-Apr 150
26-Apr 600 @ $5.60
30-Apr 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.
b If the perpetual inventory record is kept in dollars, and costs are computed at the
time of each withdrawl, what amount would be shown as ending inventory in
1,2,3 above? Carry average unit costs to four decimal places.
