Hull Company’s record of transactions concerning part X for the month of April w
ID: 2611842 • Letter: H
Question
Hull Company’s record of transactions concerning part X for the month of April was as follows. Purchases Sales Quantity: Unit Cost: Quantity: Quantity: Apr 5 290 Apr 12 200 Apr 27 800 Apr 28 200 Apr 1 (Balance on hand) 110 $6.00 Apr 5 290 Apr 4 420 6.20 Apr 12 200 Apr 11 280 6.30 Apr 27 800 Apr 18 210 6.40 Apr 28 200 Apr 26 500 6.50 Apr 30 260 6.70 Instructions: (a) Compute the inventory at April 30 and the cost of goods sold during April on each of the following bases. Assume that periodic inventory records are kept. Carry unit costs to the nearest cent. Hull Company’s record of transactions concerning part X for the month of April was as follows. Purchases Sales Quantity: Unit Cost: Quantity: Quantity: Apr 5 290 Apr 12 200 Apr 27 800 Apr 28 200 Apr 1 (Balance on hand) 110 $6.00 Apr 5 290 Apr 4 420 6.20 Apr 12 200 Apr 11 280 6.30 Apr 27 800 Apr 18 210 6.40 Apr 28 200 Apr 26 500 6.50 Apr 30 260 6.70 Instructions: (a) Compute the inventory at April 30 and the cost of goods sold during April on each of the following bases. Assume that periodic inventory records are kept. Carry unit costs to the nearest cent.Explanation / Answer
Date Units Unit Costs Apr-01 110 6.00 660 Apr-04 420 6.20 2,604 Apr-11 280 6.30 1,764 Apr-18 210 6.40 1,344 Apr-26 500 6.50 3,250 Apr-30 260 6.70 1,742 Total units 1,780 11,364 Total Unit Sold 1,490 Total units (ending inventory) 290 1 FIFO Cost of Goods Sold 11364-1937 9427 Ending Inventory 260*6.70 + 30*6.50 1937 2 LIFO Cost of Goods Sold 11364-1776 9427 Ending Inventory 110*6.00 + 180*6.20 1776
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