Solution-Compute the inventory at april on first-in

Compute the inventory at april on first-in first-out bases

Reference no: EM131182089

(Compute FIFO, LIFO, and Average-Cost)

Hull Company's record of transactions concerning part X for the month of April was as follows.

Purchases			Sales
1 April	(balance on hand)	100 @ $5.00	5 April	300
4		5.10 400 @	12	200
11		5.30 300 @	27	800
18		5.35 200 @	28	150
26		5.60 600 @
30		5.80 200 @

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.

1. First-in, first-out (FIFO).

2. Last-in, first-out (LIFO).

3. Average-cost.

(b) 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 in (1), (2), and (3) above? (Carry average unit costs to four decimal places.)

Reference no: EM131182089

Questions Cloud

General conclusion of studies carried out on it : (i). Outline the approach adopted by Shiller to test for excessive volatility and state the criticisms of his work. (ii). State one difficulty of testing the strong form of the efficient market hypothesis and state the general conclusion of studies..

Discuss how these goals link to your longer term goals : Professionalism skills for workplace success 4e Personal Brand Statement and Goals for the course— Write a memo with your statement of the personal brand you would like to establish as a professional AND of 3 to 5 SMART goals for what you would like ..

Profit-and-loss effects under given conditions : Assume MGRM was able to use hedge accounting. Answer either Questions 5 or 6, but this time, show the profit-and-loss effects under the given conditions?

What is likely to be maria''s short-run response : What is likely to be Maria's short-run response (say, over the next few days or weeks)? What might be her likely long-run response (over the next few months)?

Compute the inventory at april on first-in first-out bases : 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.

Firm would take advantage of a new company credit : A consulting firm had predicted that 29? - % of the employees at a large firm would take advantage of a new company Credit?

Treasury-bond futures contract with initial margin : You purchase a Treasury-bond futures contract with an initial margin requirement of 30% and a futures price of $123,900. The contract is traded on a $100,000 underlying par value bond. If the futures price falls to $107,200, what will be the percenta..

What is the effect on the buyer''s purchase of normal goods : What is the effect on the buyer's purchase of normal goods? Of inferior goods? Is there a substitution effect?

Draw a message sequence diagram : Considering all the packets in the file, draw a message sequence diagram that illustrates the packets. A message sequence diagram uses vertical lines to represent events that happen at a computer over time (time is increasing as the line goes down..

User Account

All Pages

Compute the inventory at april on first-in first-out bases

Reference no: EM131182089

Reference no: EM131182089

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT