*Problem 8-5 Some of the information found on a detail inventory card for Culver
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*Problem 8-5 Some of the information found on a detail inventory card for Culver Inc. for the first month of operations is as follows Received Issued, No. of Units Balance, No. of Units Unit Cost No. of Units 1,500 500 1,400 600 1,300 200 1,800 700 2,600 1,000 Date January 2 1,500 $4.56 1,000 10 13 18 20 23 900 4.86 800 600 1,100 1,300 5.02 1,600 5.17 1,100 1,900 5.32 31 1,600 Calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per unit From these data compute the ending inventory 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.) FIFO LIFO Average-cost Ending Inventory If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal would the amounts shown as ending inventory in (1), (2), and (3) above be the same? What amount would be shown as ending inventory? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.) FIFO LIFO Average-cost Would amount be same Ending InventoryExplanation / Answer
Average Cost per Unit : $ 5.02
Ending Inventory:
Date Number of Units Received Rate per Unit Amount Jan 2 1,500 $ 4.56 $ 6,840 Jan 10 900 4.86 4,374 Jan 18 1,300 5.02 6,526 Jan 23 1,600 5.17 8,272 Jan 28 1,900 5.32 10,108 7,200 5.02 36,120Related Questions
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