Reference no: EM132484366

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

Purchases                                             Sales

April 1(balance on hand) 4..;@ $7.10 April 5 600

4 7..;@ 7.24                            12 500

11 6..;@ 7.53                           27 1,400

18 5..;@ 7.60                              28 150

26 9..;@ 7.95

30 5..;@ 8.24

Question 1), Compute the inventory at April 30 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.)

Question 2). 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 under (1) FIFO, (2) LIFO and (3) Average-cost? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.)