P8-4 (LO3) EXCEL (Compute FIFO, LIFO, and Average-Cost) Hull Company\'s record o
ID: 2566425 • Letter: P
Question
P8-4 (LO3) EXCEL (Compute FIFO, LIFO, and Average-Cost) Hull Company's record of transactions concerning part for the month of April was as follows. lari Purchases Sales in April 1 (balance on hand) 100$5.00 400 5.10 300 5.30 200 5.35 600 5.60 200 5.80 April 5 12 300 200 800 150 ean 18 26 30 28 Instructions 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. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (a)Explanation / Answer
(1) First-in, first-out (FIFO).
Date of Invoice No. Units Unit Cost Total Cost
April 30 200 $5.80 $1,160
April 26 150 5.60 840
$2,000
(2) Last-in, ±rst-out (LIFO).
Date of Invoice No. Units Unit Cost Total Cost
April 1 100 $5.00 $ 500
April 4 250 5.10 1,275
$1,775
(3) Average-cost.
Date of Invoice No. Units Unit Cost Total Cost
April 1 100 $5.00 $ 500
April 4 400 5.10 2,040
April 11 300 5.30 1,590
April 18 200 5.35 1,070
April 26 600 5.60 3,360
April 30 200 5.80 1,160
Total Available 1,800 $9,720
Average cost per unit = $9,720 ÷ 1,800 = $5.40.
Inventory, April 30 = 350 X $5.40 = $1,890
.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.